US renewables developer Redeux Energy Partners is on track to build a 2GW pipeline of utility-scale solar and storage projects in the next 12 to 18 months after securing funding.
Founded last year, the Colorado-based company is carrying out a multi-state renewables development plan and expects the first projects from its portfolio to be operational between 2024 and 2026. Its current focus is on installations in areas covered by the Electric Reliability Council of Texas (ERCOT) and the Midcontinent Independent System Operator (MISO).
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As well as greenfield project development, Redeux is partnering with fossil generators to help sites transition to renewables plants while making use of existing grid infrastructure. The company is also working with landowners to add clean energy solutions that can be co-located with existing farming, timber, ranching and resource extraction operations.
The planned growth comes after Redeux closed financing late last year that was led by private equity investors Cathexis Holdings and Thoroughbred Holdings. The company will use the funding to support the development of more than 1GW of projects, land acquisition, interconnection filings, co-development partnerships and project acquisitions.
Redeux has assembled a team from companies such as AES Corporation, Invenergy and Lightsource BP. It is now accelerating the expansion of its pipeline and related hiring, said Redeux COO Rob Masinter.
“With a fully-funded platform to deliver a gigawatt-scale, nationwide, renewable generation and energy storage project pipeline, Redeux is well-positioned” to help fuel the energy transition, Masinter said.