New renewables investment company Encina has launched its first “investment vehicle”, and is aiming to raise US$300 million to invest into new renewable power and storage projects in the US.
While Encina has not announced any projects that it is planning to finance, nor where in the US these facilities will be located, it noted that it would look to raise funding from “large private and institutional investors”, and take advantage of high interest in developing renewable power facilities in the US that has grown since the passing of the Inflation Reduction Act.
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The company will also work with Spanish renewables investor Taiga Mistral to invest in new clean energy projects. Taiga Mistral currently manages a renewables portfolio with a total capacity of 1GW, and has invested in more than 2GW of power projects since 2006.
“Encina offers a unique opportunity to invest in sustainable infrastructure and energy transition in the US, one of the most attractive investment markets for the next decade, through a proven investment model, led by a management team that has deep knowledge and extensive experience in the country and the support of Taiga Mistral and of top-tier private and institutional investors,” said Encina founding partner Stevens C Moore.
The company was founded by Moore, Manuel Gayan and Marta Jorge, all of whom are part of the management team of Atlantica Sustainable Infrastructure. The leaders of the new company will look to build on their experience at Altantica at Encina.
According to Atlantica’s latest figures, the company has invested in 1.58GW of solar projects around the world, amounting to 40% of the capacity of its operational power plants, and has complete ownership of the 280MW Solana and Mojave solar projects in the US states of Arizona and California respectively.
The formation of Encina’s funding vehicle follows Recurrent’s close of funding for its 160MW North Fork solar project in Oklahoma, as clean energy investors across the world look to capitalise on the high potential for new solar projects in the US.