US developer Geenex Solar bags funding to advance PV and energy storage pipeline

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A 3MW project in North Carolina operated by Cypress Creek. Image: Cypress Creek Renewables.

Utility-scale solar developer Geenex Solar has secured additional financing that will allow it to advance a pipeline of more than 8GW of PV and energy storage projects in the US Southeast and Midwest.

North Carolina-based Geenex, which focuses on PJM-interconnected solar facilities ranging in size from 20MW to upwards of 500MW, has received the funding from alternative asset manager New Energy Capital.

The deal follows the partners entering into their first financial arrangement in early 2019.

“We are excited to have such a strong partner who recognises the significant value of the clean renewable energy that our projects will be supplying to the grid in the future,” said Sarah Hetznecker, who became Geenex Solar’s CEO earlier this year.

Geenex said it has significantly grown the size and scope of its development portfolio over the last three years. In October 2020, the company sold a pipeline of over 20 solar assets in PJM totalling more than 4.5GW of capacity to EDF Renewables North America.

PJM is a regional transmission organisation that coordinates the movement of wholesale electricity in all or parts of 13 states and the District of Columbia. The market is expected to have more solar clearing future capacity market auctions following rule changes introduced earlier this year.  

Other recent announcements in the PJM market include Prospect14 selling around 1GWdc of solar and solar-plus-storage projects in Virginia and Pennsylvania, while a subsidiary of utility American Electric Power issued a request for proposals for offtake from up to 500MW of renewables and standalone battery energy storage systems.

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