8minute Solar Energy lands USD 400m in financing to pursue growth

The Lotus solar farm in California. Source: 8minute Solar Energy

January 19 (Renewables Now) - Solar developer 8minute Solar Energy has closed USD 400 million (EUR 353m) in financing from institutional investor EIG in order to grow its portfolio and advance solar plant design, while building projects on its own balance sheet.

The financing deal includes a portion of growth equity and a letter of credit.

Commenting on the fundraise, Tom Buttgenbach, founder and CEO of 8minute, pointed out that the company is looking to expand into green hydrogen and other adjacent markets, and expects its partnership with EIG to help in that regard. The latter’s chairman and CEO R. Blair Thomas is now joining 8minute’s board of directors.

Set up in 2009, 8minute has successfully put 2 GW of solar projects in operation to date. At present, the firm has more than 18 GW of solar and 24 GWh of energy storage projects under development. Its assets are located throughout California, Texas, and the southwestern US.

(USD 1.0 = EUR 0.882)

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