8minutenergy Renewables, JP Morgan, and “an affiliate of Upper Bay Infrastructure Partners”, announced that they have entered a joint venture to support 8minutenergy’s 10.7GW pipeline of utility solar-plus-storage projects.
The joint venture will, along with investment from 8minutenergy’s owner and CEO, Tom Buttgenbach, will raise over US$200 million in capital commitments.
“We have been the largest and most successful solar developer in California and have expanded our cost leadership across the US”, commented Buttgenbach. “A testament to our low-cost leadership is the 420MW Eagle Shadow Mountain Solar plant in Nevada, which at 2.3 cents/kWh fixed for 25 years, holds the record for the lowest-price solar PPA in the nation.
Buttgenbach went on to thank both JP Morgan and Upper Bay for bringing their “long-term focus and financial resources” to allow 8minutenergy to realise their project pipeline.
With 10.7GW of solar storage under development in California, Texas, the Southwest, and the Southeast, 8minutenergy is “the largest privately-held developer of solar PV and storage projects in the United States.”
The company has also announced that Alex O’Cinneide, founder and CEO of Gore Street Capital, will rejoin 8minutenergy’s Advisory Board.