There’s a very simple reason that oil, coal and gas interests own our politicians, manipulate our regulators and laws, and are able to destroy our environment: money. So now solar answers – as 2017 showed that global solar energy investments overshadowed that in all other forms of electricity generation, and here in the good ‘ol US of A there’s a healthy wall of money that just got a little bit bigger.
Under the partnership, MEI will develop, finance, own and operate solar projects. The group will focus on ground-mount, rooftop and carport projects ranging from 500 kw to 20 MW, and has the flexibility to enter at various stages of the project life cycle.
Stonepeak has provided MEI with a 4-year commitment and the MEI team will structure debt and tax equity financing allowing the portfolio to scale to at least $1B in projects over the coming years, representing at least 550 MW in operating C&I assets. Already MEI has closed on its first acquisition, a 12-project portfolio with an estimated delivery in the second half of this year.
The three founding partners, Steven Cunningham, Jack Hachmann and Richard Walsh, state they’ve collectively developed, financed and operated more than 400 MW of distributed generation assets across the United States.
The company is seeking developers, EPCs and consultants with local knowledge and expertise to bring them projects and portfolios. Additionally, for those in need of work, the group is seeking two Vice President level positions, and a Senior Associate of Business Development.
MEI’s first blog post notes a “financing gap” that, according to the World Economic Forum, only 0.5% of institutional capital is invested in ‘low carbon investments resulting in a $2.5 – $4.8 trillion gap.
Stonepeak notes $15 billion in assets under management, with a focus primarily on fossil fuel operations, as well data centers and telecommunications. The fund is also involved in a desalination plant.
MEI’s first Tweet on Monday was one of simplicity: