California-based solar developer 8minutenergy Renewables LLC has announced it is initiating a capital-raising process to fuel growth of its 5.5 GW U.S. pipeline, including over 500 MW of wholly owned, near-shovel-ready projects with long-term power purchase agreements (PPAs) and an enterprise value in excess of $1 billion.
8minutenergy, which recently expanded into Texas and says it has developed over 700 MW of operational projects since its founding, has retained BofA Merrill Lynch as its financial advisor.
“Since 2009, we have built a highly successful solar development platform, having secured over 1.5 GW of long-term PPAs across 14 projects, representing $5.5 billion in contracted revenues,” said Martin Hermann, 8minutenergy’s CEO and founder. “As the U.S. solar market continues to grow, driven by the increasing price competitiveness of utility-scale solar, the [investment tax credit] 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, “As we continue to expand and build upon our proven, levelized 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 U.S.”