U.S. solar developer 8minutenergy is slowly but surely building up its utility-scale solar PV portfolio, and to take the company up to the next level it is seeking out further investment. The investment opportunity that the company is proposing is for a 500 MW PV pipeline of projects that almost ready to get going, with funds raised expected to move along a much larger pipeline.
8minutenergy believes that the near-term projects, amounting to 500 MW, which already have long-term PPAs in place, have a combined value over $1 billion. The company claims that the funds will go to supporting development of a whopping 5.5 GW solar PV project pipeline, and has employed the financial advisory services of Merrill Lynch to help with the investment deals.
As the U.S. 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 to the grid, commented 8minutenergy founder and CEO, Martin Hermann.
So far, the company has developed over 700 MWs of operational solar projects. Much of those projects have been in 8minutenergys local state of California, with the capital raise presumably a means for the company to spread its wings further afield.
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, said 8minutenergy President, Tom Buttgenbach. 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.