Independent PV developer 8minutenergy Renewables announced that it is beginning a capital raising process to spur growth of its 5.5GW pipeline in the US – including 500MW of wholly-owned near shovel-ready projects with long-term power purchase agreements.
These projects are expected to have an enterprise value in excess of US$1 billion. As part of the announcement, 8minutenergy has retained BofA Merrill Lynch as its financial advisor.
Martin Hermann, 8minutenergy’s CEO and founder, said: “8minutenergy has greenfield-developed one of the solar industry’s largest project pipelines, and has a unique position in the market. Since 2009, we have built a highly successful solar development platform, having secured over 1.5 GWs of long-term PPAs across 14 projects, representing US$5.5 billion in contracted revenues. As the US solar market continues to grow, driven by the increasing price competitiveness of utility-scale solar, the ITC extension, and various decarbonization policies, we are well positioned to capitalize on our growing pipeline delivering gigawatts of clean energy into the grid.”
Tom Buttgenbach, president of 8minutenergy, added: “With over 700 MWs of developed projects in operation, 8minutenergy’s projects have secured in excess of US$1 billion in third party investment, generating significant benefits for project stakeholders. Our strategy continues to focus on large utility-scale greenfield development, deploying best-in-class solar solutions providing our customers with the greatest value for their energy needs. As we continue to expand and build upon our proven, levelised cost of energy-centric platform, we are looking for efficient investment capital to fund a variety of interesting development and long term ownership opportunities in the US.”