US renewables developer Pristine Sun Corporation has secured a USD-250-million (EUR 232.9m) capital injection to support its expansion in the states of Texas, California, and Louisiana, and to seek additional projects in the continental US.
The fresh capital was obtained from strategic private equity and family office investors, Pristine Sun said on Friday.
The company, which specialises in agrivoltaics, expects that the funding will enable it to develop, finance and install up to 5 GW of solar photovoltaic (PV) capacity, depending on the capital stack structure.
"We have an aggressive plan to rapidly develop significant solar projects in California, Texas, and Louisiana. Three projects will exceed 1 GW, making them some of the largest in the world," commented Troy Helming, Founder and Chairman of Pristine Sun.
Richmond, California-based Pristine Sun and its affiliates have developed solar and wind farms with a combined capacity of over 25 GW, including divested projects, and have 20 GW more in the pipeline. Pristine Sun itself says it has realised 350 solar schemes totalling 2 GW, among which is the 6-MW Olivenhain Reservoir floating PV plant in San Diego.
“The demand for low-cost renewable energy has never been greater, and we’re delighted to continue as a leader in the clean power revolution,” Helming added.
(USD 1.0 = EUR 0.932)
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