Included in the Portfolio is a total of 66 megawatts ("MW") of solar garden projects spread across 21 locations and 16 Minnesota counties, which will be constructed by the end of 2017.
This acquisition is in addition to a previously purchased portfolio of Geronimo-developed community solar gardens by BHE Renewables, bringing the total combined portfolio size to nearly 100 MW. These projects will deliver substantial economic impact for both the local and state economies, including funds from additional tax revenue, landowner payments and other contributions to the local community, as well as the creation of both part-time and full-time permanent local jobs. Combined, both portfolios are estimated to reduce carbon dioxide (CO2) emissions by 2.5 million metric tons over 25 year of operation.
Both portfolios are part of Xcel Energy's Solar Rewards Program, and Geronimo has been and will continue to provide development services for BHE Renewables (including subscription acquisition) for both solar garden portfolios. Current publicly announced subscribers include, but are not limited to: St. Paul Public Housing Agency, St. Olaf College, District Energy St. Paul, Andersen Corporation, the Metropolitan Council and Saint John's University.
Subscribers in the portfolio enjoy guaranteed electric bill savings over the life of their subscription agreement. The portfolios' subscribers span a variety of industries and geographic locations within Minnesota and include non-profits, colleges and universities, corporations, government agencies and residential units. Presently, the portfolios serve residential customers through executed subscriptions with non-profit, education and government organizations, which together make up nearly half of the portfolios' subscription base.
"We are pleased to expand our partnership with BHE Renewables," says Geronimo Energy President, Blake Nixon. "Geronimo looks forward to continuing to grow our relationship with BHE Renewables through our work in Community Solar Garden programs and deliver on our promise to positively impact rural economies, specifically here in our home state of Minnesota."
"BHE Renewables is pleased to invest in the Community Solar Garden program in Minnesota and broadening its relationship with Geronimo Energy," said Richard Weech, president of BHE Renewables International. "Offering subscriptions to local energy customers gives them access to the benefits of solar energy, including helping them save money on their electric bills. It also reflects our commitment to growing the renewable energy industry in Minnesota beyond our initial 32 MW of solar gardens currently under development."
