8minutenergy secures USD 200m in equity capital for project pipeline

US solar and storage developer 8minutenergy Renewables LLC on Tuesday said it has secured over USD 200 million (EUR 175.5m) in capital commitments for its 10.7-GW project pipeline.

The funds will come from a newly announced joint venture between 8minutenergy, JP Morgan Asset Management and an affiliate of Upper Bay Infrastructure Partners. The amount includes an investment from 8minutenergy’s chief executive offices Tom Buttgenbach.

“We thank J.P. Morgan and Upper Bay for bringing the long-term focus and financial resources to enable us to unleash the full potential of our pipeline and incredibly talented team,” said Buttgenbach.

Scotia Bank and Bank of America Merrill Lynch served as lead financial advisors to the joint venture transaction, details on which were not disclosed by the company.

Buttgenbach, a co-founder of 8minutenergy, and the renewable energy company’s management team own 100% of it as of December 6. Just recently, the firm 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. 8minutenergy is also the company behind the 420-MW Eagle Shadow Mountain Solar park in Nevada, for which it has struck a power purchase agreement (PPA) at USD 0.023 per kWh, touted as the lowest-price solar deal in the US.

(USD 1 = EUR 0.88)

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