The co-founder of 8minutenergy Renewables LLC and its management team this weekend announced they will take control over the US solar and storage developer in a deal having immediate effect.
Under the transaction, the value of which was not disclosed, co-founder Tom Buttgenbach and 8minutenergy’s management will purchase the shares held by the company’s founder and CEO Martin Hermann. The latter will not keep any shares in 8minutenergy.
With this transaction, Buttgenbach becomes president and CEO of the company.
Founded in 2009, 8minutenergy has developed over 1 GW of projects and signed more than 2 GW of power purchase agreements (PPAs). Following the change of leadership, the firm will keep its focus on the solar and energy storage markets, working on its over 10-GW portfolio of under-development projects.
“There has never been a more exciting time in the US energy market. The industry’s transforming to where renewables will be the dominant form of power now that generation costs are lower than fossil fuels,” Buttgenbach said.
Just last week, 8minutenergy completed the 328-MW DC Mount Signal 3 photovoltaic (PV) farm, which is the largest of the three facilities that make up the 800-MW Mount Signal solar cluster in California. The complex is now roughly 80% complete.
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