CIT Group Announces $126 Million Financing for 108-MW Solar Project in North Carolina

CIT | July 17, 2020

CIT Group Inc. today announced that its Power and Energy unit served as lead arranger on a $126 million financing for the 108-megawatt (MW) direct current Trent River Solar project in Pollocksville, North Carolina. The financing was arranged on behalf of solar project developer Pine Gate Renewables, a leading utility-scale solar developer headquartered in Asheville, North Carolina. The company currently operates more than 400 MW of renewable energy projects and has an additional 4 gigawatts of projects in different stages of development throughout the country. The Trent River Solar project will sell power to Duke Energy Progress under a 20-year power purchase agreement. In leading this financing, CIT extends its track record as one of the top renewable energy lenders nationwide, according to market research firm Inframation, an Acuris company.

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An enhanced geothermal system (EGS) generates geothermal electricity without the need for natural convective hydrothermal resources. Until recently .. An Enhanced Geothermal System (EGS) is a man-made reservoir, created where there is hot rock but insufficient or little natural permeability or fluid saturation. In an EGS, fluid is injected into the subsurface under carefully controlled conditions, which cause pre-existing fractures to re-open, creating permeability.

Spotlight

An enhanced geothermal system (EGS) generates geothermal electricity without the need for natural convective hydrothermal resources. Until recently .. An Enhanced Geothermal System (EGS) is a man-made reservoir, created where there is hot rock but insufficient or little natural permeability or fluid saturation. In an EGS, fluid is injected into the subsurface under carefully controlled conditions, which cause pre-existing fractures to re-open, creating permeability.

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SOLAR+STORAGE

BlueWave Solar Signs Joint Venture Agreement with Laketricity, a Ciel & Terre Entity, for Future Floatovoltaics Projects in Massachusetts

BlueWave Solar | August 09, 2021

BlueWave Solar, a leading Northeast-based solar and energy storage developer, announced today it signed into agreement a joint venture with Laketricity, a company from Ciel & Terre, a pioneer in the floatovoltaics industry, for future projects in Massachusetts with intent to expand throughout the Northeast region. The agreement makes BlueWave Solar Laketricity's first New England partner. With over 155 megawatts (MW) of solar projects developed to-date throughout the Northeast, this partnership with Laketricity also marks BlueWave Solar's entrance into the floatovoltaics space. Floatovoltaics, or floating solar arrays, address a global need to produce clean energy in efficient ways that also save common greenfield land. The future projects are especially important in areas like Massachusetts, where building on man-made ponds and reservoirs solves land use problems and ensures no disruption to the state's terrestrial habitats while reducing energy costs and bringing clean energy to local businesses and residents. "We are thrilled to work with the world's leading floatovoltaics provider to bring floatovoltaics to New England," said John DeVillars, Co-Founder and Chairman of BlueWave Solar. "BlueWave is pioneering dual-use agrivoltaics and setting high ecological standards for sustainable site development and management. Partnering with Laketricity represents another step in our efforts to partner with those who share our core environmental protection values." BlueWave Solar is an expert in dual-use solar development, or agrivoltaics, a project design model that allows agricultural production and solar to coexist on the same space. This expertise, coupled with Laketricity's innovation in floating solar rigs and technology, will bring unique solutions for the state of Massachusetts to further its clean energy goals. "Partnering with BlueWave is a natural fit for Laketricity as we combine the respective strengths and experience of our teams to develop a sizeable portfolio of floating solar projects in New England," said Alexis Gaveau, CEO of Ciel & Terre and President of Laketricity USA, Inc. "Our joint venture accelerates the deployment of smart solutions to positively integrate renewable energies in the local environment. We look forward to implementing these projects in partnership with such a local expert that shares our human & environmental values as well as growing the scope of our joint venture in the years ahead." Ciel & Terre has installed over 230 floatovoltaic projects globally, and 21 projects specifically in the U.S. with over 162 megawatts-peak (MWp) power. The future projects to come of the partnership, beginning in Massachusetts with intent to expand throughout the region, seek to position BlueWave Solar and Laketricity as floatovoltaic leaders in the Northeast while contributing to clean energy goals and maintaining valuable land in the areas they will operate in. As a Certified B Corporation, BlueWave Solar strives to use the power of business to solve social and environmental issues, holding itself to the highest standards of transparency, performance and accountability while remaining committed to protecting the planet and positively impacting the lives of others. About BlueWave Solar BlueWave Solar is on a mission to revolutionize energy with simple, powerful solar solutions. As a pioneering solar developer, BlueWave has developed and sold more than 155 MW of solar projects to date. As built, these projects collectively generate enough solar energy to avoid roughly 119,490 metric tons of carbon emissions annually. A certified B Corp, BlueWave Solar has received national recognition for its work to protect the planet, including being named the Clean Energy Company of the Year in 2018 by the Northeast Clean Energy Council, one of the top 100 Impact Companies in the United States for each of the last two years as rated by Real Leaders Magazine, and a leading growth company by Inc. Magazine and the Boston Business Journal. About Laketricity Laketricity, the development arm of the Ciel & Terre, is fully dedicated to C&I and utility scale FPV projects development. The company ambition is to promote and accelerate solar projects development taking into account environment constraints and biodiversity by providing innovative and customized solutions. Laketricity is a company from Ciel & Terre, a floating solar expert that has developed the first floating solar system in 2011 : Hydrelio®. With Ciel & Terre's experience and know-how, Laketricity has gathered a large and reliable technical background, finding the best solutions to develop all type of solar projects. Since 2013, the group has currently installed 230 project in more than 30 countries which represent over 575MWp.

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ENERGY

Arevon Energy, Inc. Formed through Combination of Capital Dynamics' U.S. Clean Energy Infrastructure Team Members and Arevon Asset Management

Arevon Energy | August 17, 2021

Arevon Energy, Inc. ("Arevon"), a renewable energy company, has launched today through the combination of Capital Dynamics' U.S. Clean Energy Infrastructure ("CEI US") team and Arevon Asset Management, Capital Dynamics' former exclusive energy asset management affiliate. Arevon is 100% owned by an investor group comprised of APG, the California State Teachers' Retirement System ("CalSTRS"), and a wholly owned subsidiary of the Abu Dhabi Investment Authority ("ADIA"). Arevon will support a standalone clean energy platform of 4.5 GW of operating, under construction, and late-stage development solar and battery storage projects, as well as a 3.0 GW pipeline. The transaction is subject to regulatory approvals and is expected to close by early 2022. With significant industry experience among its more than 100 professionals, Arevon will offer customized clean energy solutions to utilities and corporations and plans to expand its platform of solar and battery storage projects through customer acquisition, M&A, and select development activities. "Launching this clean energy platform gives Arevon the flexibility to expand our capabilities and engage in new partnerships," said John Breckenridge, Arevon's Chief Executive Officer and former Head of Clean Energy Infrastructure at Capital Dynamics. "As the renewables industry matures, it is essential we bring both innovative offtake solutions and operational excellence to the market. Our seasoned operations team, combined with our access to capital, positions us to accomplish those goals and continue to grow the platform's portfolio of clean energy assets in North America." Khadem AlRemeithi, Executive Director of the Real Estate & Infrastructure Department at ADIA, said: "Renewable energy is an area of keen interest for ADIA and we have built a sizeable, global portfolio in the sector. By investing alongside proven partners in Arevon, we are supporting the creation and future growth of an innovative renewable energy platform." Steven Hason, Head of Americas Real Assets at APG said, "As a pension investor, we are continuously looking for attractive infrastructure investments that help us realize stable, sustainable, and long-term returns for our pension clients. This transaction represents an opportunity to continue our clean energy investments alongside our partners and play a significant role in the U.S. energy transition. We look forward to further collaborating with our partners who share our long-term investment goals." In addition to Breckenridge, Arevon's management team includes three Executive Vice Presidents: Justin Johnson, former head of Arevon Asset Management, as Chief Operating Officer, Brian Callaway as Chief Financial Officer, and Tommy Greer as Chief Commercial Officer. Callaway joins the company from AES, where he was Vice President of Growth Initiatives and previously served as Vice President of Structured Finance and M&A for sPower. Greer joins from EDP Renewables, where he was the Head of Origination for North America. "We're launching into this next chapter with a deeply experienced team that shares a passion for driving the clean energy transition," said Johnson. "Arevon brings together an unmatched mix of project finance, construction, development and operations experience, aided by customized analytical tools that give us an edge when it comes to optimizing asset performance." Arevon will continue to provide consulting and support services to other generation assets for Capital Dynamics, an independent global private asset management firm based in Switzerland. Ropes & Gray acted as legal counsel to the Investor Group. About Arevon Energy, Inc. Arevon Energy, Inc. is a leading renewable energy company with roots as one of the largest renewable asset managers in the United States. Arevon's financial prowess and industry expertise come together to improve the structure and performance of clean energy assets across North America. Headquartered in Scottsdale, AZ, and New York City, Arevon uses innovative approaches and leading-edge technology to provide commercial, financial, performance asset management, and construction services to nearly 10 GWac of renewable energy assets delivering clean energy to utilities and corporations. For more information, please visit: www.arevonenergy.com About ADIA Established in 1976, the Abu Dhabi Investment Authority is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.

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SOLAR+STORAGE

ATCO Group to Build Western Canada's Largest Urban Solar Project in Calgary

ATCO Group | September 29, 2021

The ATCO Group, through its investment in Canadian Utilities Limited, today announced that it has acquired the rights to build two solar installations in Calgary aimed at providing clean, renewable energy to Alberta's power grid and supporting the transition to lower-carbon energy. Once completed, the Barlow and Deerfoot solar projects will be the largest solar installation in a major urban centre in Western Canada, at 27 and 37 megawatts respectively. This announcement follows ATCO's recent acquisition of a solar project near Empress in eastern Alberta and the completion of two solar projects in Canada's North. "The acquisition of three major solar projects shows how important we believe it is to provide customers with the opportunity to decarbonize their energy consumption. Whether it's the far North or an urban centre, ATCO is delivering on our strategy to help communities accelerate their transition to clean energy in a safe, affordable and reliable manner. These solar projects are also prime examples of the kinds of opportunities we'll continue to pursue as we grow our renewables portfolio moving forward." Bob Myles, Executive Vice President, Corporate Development, ATCO The installations' combined 175,000 bifacial solar panels, covering the equivalent of roughly 170 (Canadian) football fields, will generate enough renewable electricity to power more than 18,000 homes and offset 68,000 tonnes of carbon a year. Through Canadian Utilities Limited, ATCO acquired the two Calgary solar projects from DP Energy, a privately held energy developer. Electricity from the projects will be sold into the Alberta power market, and ATCO is currently negotiating with potential customers to contract the facilities' output. The Deerfoot project, near 114 Avenue and 52 Street SE, is completing the permitting phase. The Barlow project, near Barlow Trail and 114 Avenue SE, has received its major permits and project execution is underway. Construction for both projects is expected to occur during 2022, with commercial operations targeted for Q4 2022. In addition to Empress, the Deerfoot and Barlow projects are part of ATCO Group's growing renewable portfolio in Canada, Mexico, Chile and Australia, and leverage our solar expertise from recently completed projects such as Fort Chipewyan, Alberta, and Old Crow, Yukon. ATCO's Commitment to Sustainability For ATCO, sustainability is more than an aspiration; it is interwoven into our strategy, our day-to-day operations, the products and services we provide, and the fabric of our people. It manifests across our family of companies in countless ways, both in how we conduct our day-to-day activities and in the contributions we make to society through both our operations and the community spirit of our people. Our enduring and holistic commitment is clearly reflected in our efforts to cost-effectively and reliably accelerate the energy transition; enhance our environmental performance and reduce our greenhouse gas emissions; champion the safety, inclusivity, and equity of our people, communities, and customers; foster Indigenous and community partnerships based on trust, equity and mutual respect; and ensure uninterrupted, resilient, and reliable access to essential products and services—anytime, anywhere.

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