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.
Stonepeak Infrastructure Partners has given an initial equity commitment of up to $200 million to a newly formed “distributed energy company”, Madison Energy Investments (MEI).
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:
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.