Redeux Energy | September 16, 2022
Redeux Energy Partners LLC (Redeux), a developer of utility-scale solar and energy storage projects, today announces its continued momentum including:Exceeding 2022 development goals for market coverage, leased acreage and multi-gigawatt capacity of projects with filed interconnection
Entry into a multi-state land lease with Farmland Partners Inc. (NYSE: FPI), the nation’s largest publicly traded farmland REIT by U.S. acreage
The addition of five senior team members, bringing decades of experience with some of the largest renewable energy companies, to anchor its platformRedeux’s development pipeline consists of large, hybrid solar and storage projects within the Midcontinent Independent System Operator (MISO), Electric Reliability Council of Texas (ERCOT), Southeastern Electric Reliability Council (SERC) and the Western Electricity Coordinating Council (WECC) energy markets. Currently totaling over 1.7 GW of capacity - of which more than 80% is filed for interconnection - Redeux is on track to exceed 2 GW of pipeline capacity by year-end, a 400% increase from year-end 2021. Acreage under site control totals over 20,000 acres in eight states, with over 10,000 additional acres in active negotiation. The company’s platform and processes are delivering the efficiency and scale to produce gigawatts of high-quality clean energy project pipeline annually.
Since 2020, Redeux has been working with a number of large landowners across farming, timber, ranching and resource extraction industries to evaluate project development opportunities that increase the value of their land. A premier example of this type of mutually beneficial partnership is the recently announced lease agreement with FPI by which Redeux will develop multiple projects across several diversified farm sites in Arkansas and Mississippi totaling approximately 2,800 acres. The projects, where Redeux has also signed leases with adjacent landowners, are located under Entergy transmission lines operated within the MISO energy market.
“The company is pleased with the results achieved year to date, and the recent increase in velocity, said Rob Masinter, Chief Operating Officer of Redeux. In addition to expanding our best-in-class land acquisition and development teams, Redeux has added leadership positions in market strategy, land acquisition, and corporate development and will add management positions to oversee our engineering and permitting activities in the coming months.”
New members of the Redeux leadership and development team bring multiple decades of experience in utility-scale solar and energy storage infrastructure development and operations. Recent additions include:
Garrett Gill, Vice President, Land, brings over 23 years of experience in land acquisition. Prior to Redeux, Gill served as Executive Vice President of the Power Group at Contract Land Staff (CLS).
Mark Raventos, Vice President, Corporate Development, brings over 17 years of renewables development and M&A experience in the Americas, India and EMEA with Acciona Energy.
Steve Drew, Vice President, Market Strategy, has over 20 years of experience in competitive transmission and renewables development and management with Borrego, NextEra and OG&E.
Andrew Makee, Director, Development, brings over 13 years of utility-scale wind and solar development with Avangrid and Orion Renewables in MISO, SERC, SPP and ERCOT markets.
Dan White, Director, Development, brings over 12 years of utility-scale solar, wind, energy storage and natural gas development with National Grid and Southern Power in SERC, ERCOT, CAISO and WECC markets.
Over the next 18 months, Redeux is expanding its platform capabilities together with the geographic scope of its prospecting activities and project portfolio into at least 15 states within the MISO, ERCOT, Southwest Power Pool (SPP), SERC and WECC energy markets. Redeux’s corporate development focus is on executing early-stage acquisitions and forming partnerships with entities that will ultimately acquire its projects.
“Success to date has been remarkable, The team has developed a platform of best-in-class analysis, technology, process, and people that is producing a tremendous volume of high-quality renewable energy projects. Our financial commitment will support Redeux's continued scale and acceleration to contribute meaningfully to the pace of project deployment required to meet U.S. public- and private-sector clean energy goals.”
-William Harrison, CEO of Cathexis Holdings, Redeux’s largest shareholder.
About Redeux Energy
Redeux Energy is a utility-scale solar and storage development company with expertise in a range of strategies to transform greenfield, brownfield and industrial lands into renewable power infrastructure that produces new revenue streams, meets ESG goals and addresses local needs for economic and workforce development.
About Our Capital Sponsors
Cathexis Holdings is a Houston-based, multi-billion dollar, single-member family office. A diversified, multi-strategy group, Cathexis has active investments across industries including private equity, venture, real estate, infrastructure, energy, consumer products and technology. Thoroughbred Holdings originates investments in world-class infrastructure, energy and natural resource assets and provides advisory services to launch, restructure and grow these businesses. The firm invests in terminals and logistics, mining, agriculture, renewable feedstock production and clean energy infrastructure, typically with co-investment from top-tier private capital partners
STRATEGY AND BEST PRACTICES
OYA Renewables | August 25, 2022
Today marks a new era for OYA, with the rebranding of OYA Solar to OYA Renewables. This change reflects OYA Renewable's broadening scope and scale as an energy transition solutions platform leading the transition to net zero. OYA's vision to enable a zero-carbon future is supported by its mission to deliver long-term clean energy solutions to clients and provide economic benefits to the local communities it serves.
With an exceptional track record as a solar developer, OYA has developed over 1,440 MWDC and has a pipeline of 6 GW of utility-scale, distributed, and community solar projects across North America. OYA anticipates placing an additional 1 GW in operation and reaching 15 GW in our pipeline by 2026.
"Our rebranding is both an affirmation of what we have accomplished to date and what we are firmly focused on achieving in the near future, As OYA Renewables continues to execute against its strategy of leading the renewable energy transition in North America, we expect to integrate other renewable energy solutions and expand our portfolio to include other clean technologies. Most corporations, municipalities and other organizations now urgently recognize the need to accelerate their path to net zero and are increasingly looking for a partner with the capabilities to support all their renewable energy objectives.
-Manish Nayar, Founder and Chairman of OYA Renewables.
At OYA, we are doing just that, continues Manish. Whether it is through electric vehicle charging solutions, developing solar energy storage, building large-scale solar, or providing access to clean energy for underserved communities, we are deepening our footprint in the renewable energy industry.
OYA Renewables is a top 10 solar developer of community solar projects in the United States, and second in the State of New York according to New Project Media market analysis. Since its inception in 2009, OYA has developed 1,440 MW in the community and utility-scale solar markets across Canada and the United States. Now, with a pipeline of over 6 GW across 14 states, OYA is quickly, but strategically widening its geographical footprint in the United States to support local and federal governments, companies, and communities to achieve a 40% reduction in emissions by 2030 and a net-zero future by 2050.
About OYA Renewables
OYA Renewables is leading the renewable energy transition with an exceptional track record as a top ten community solar developer. Founded in 2009, OYA has developed over 1,440 MWDC and has a pipeline of 6 GW of distributed and utility-scale solar projects across North America. Focused on the expansion of renewable energy and the integration of other clean technologies, OYA is committed to delivering long-term clean energy solutions to clients supporting their renewable energy objectives and providing access to clean energy for underserved communities. OYA's has a highly engaged, seasoned and diverse workforce, with offices in Toronto and Boston.
STRATEGY AND BEST PRACTICES,ENERGY
Azure Power | August 16, 2022
Azure Power Global Limited (NYSE: AZRE) ("Azure" or "the Company"), a leading independent sustainable energy solutions provider and renewable power producer in India, today announced that it has signed a Master Supply Agreement ("MSA") with Siemens Gamesa Renewable Power Private Limited ("Siemens Gamesa"), a global leader in wind technology. Siemens Gamesa will supply 96 units of SG 3.6-145 onshore wind turbines which will cater to an overall capacity of ~346 MW wind projects. The turbine supply is expected to commence during Q2 CY 2023.
Speaking on the partnership, Harsh Shah, CEO, Azure Power said, We are pleased to partner with Siemens Gamesa in our first wind project. Wind energy is going to be an imperative element for delivering firm, reliable and clean energy to achieve the energy transition vision of the country. This partnership will create long-term supply visibility while securing sustainable value for our stakeholders.
"We are delighted to begin this new partnership with Azure Power on this large-scale project using our latest India focused technology. The contract provides new impetus to the wind industry at a key juncture in the country's energy transition. Teams from both companies have worked relentlessly over the last few months to secure maximum value for the project. With this new joint approach, alongside our technological innovation, we are confident of delivering the right renewable energy solutions to the market."
-Navin Dewaji, CEO, Siemens Gamesa-India
About Azure Power
Azure Power is a leading independent sustainable energy solutions provider, and renewable power producer in India on a mission to create value for all stakeholders through high-performance Renewable Energy assets. We developed India's first utility scale solar project in 2009 and since then, Azure Power has grown rapidly to become a leader in developing and operating large utility-scale renewable energy projects in the country. We also partner with commercial and industrial customers in their decarbonization journey by providing comprehensive solutions for their clean energy needs.
Onward Energy | July 06, 2022
Onward Energy today announced that it has entered into a binding agreement to purchase 100% of the cash equity interests in a 1,171 MW operating solar portfolio from Global Atlantic Financial Group ("Global Atlantic"). The portfolio includes 11 projects in 8 states and will be the largest renewable investment in Onward Energy's history, further expanding the company's portfolio to over 6 GW of diverse power generation assets.
"We believe that this acquisition of high quality solar assets is a strong fit with our existing portfolio, consistent with our view of the energy transition and complementary to our growth strategy. Working with Global Atlantic and their exemplary team, we were able to sign the agreement quickly and seamlessly."Anup Agarwal, Chief Investment Officer of Global Atlantic, said: "This portfolio is part of a diverse set of solar investments that we're proud to have built over the past seven years, and we believe that Onward Energy will be an excellent steward of these assets. We were pleased to reach an agreement and are committed to building our presence in this space as global demand for clean power continues to rise."
-Steve Doyon, Onward Energy's Chief Executive Officer
Onpeak Capital LLC served as financial advisor and Mayer Brown LLP served as legal advisor to Global Atlantic. Milbank LLP served as legal adviser to Onward.
The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.
About Onward Energy
Onward Energy is an independent power generator that currently owns and operates over 5 GW of solar, wind, and gas generation projects in the U.S. With 45 projects in 18 states, Onward Energy is a national leader in the clean energy transition, investing in the next generation of reliable, clean technologies that will enable our customers and communities to meet their decarbonization goals faster.
About Global Atlantic
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).