California has undergone rapid renewable energy growth in recent years which is no surprise given the enormous sun exposure the state receives annually. The accumulation of this growth was observed in May 2022 when the state produced enough renewable energy to meet 103% of the demand in the area. California has developed a vast array of green infrastructure projects such as solar, wind, and geothermal. In this article, we will discuss three green energy investors in IPPs which will be a key role in the state achieving its net-zero goal by 2045.
1) Primergy Solar (Oakland, California)
Primergy Solar is an expert utility-scale solar and storage developer and operator that has been involved in projects across North America. To date, the Californian-based firm has acquired a 14.8GW portfolio. The firm operates on the basis of core values which include environmental stewardship, diversity, equity, and inclusion. In April 2022, the group financed a 1.3GW Nevada solar project alongside Quinbrook Infrastructure Partners as well as a 380MW storage plant. In total, the deal was worth €1.2bn consisting of credit facilities such as a construction/term loan, tax equity bridge loan, and letter of credit facility.
2) EcoPlexus (San Francisco, California)
The California-based group is a specialist solar and storage developer and financier having developed projects across the globe such as in the US, Mexico, Japan, and Southeast Asia. Ecoplexus has a strong project portfolio with over 400MW in operation and a further 1.5GW in construction as well as a global pipeline of 10GW. The firm also provides an operation and maintenance and asset management service for all of its assets.
3) Pattern Energy (San Francisco, California)
Pattern Energy Group is a privately owned developer of wind, solar, and storage projects with over 35 green infrastructure projects in its portfolio. To date, the firm has acquired a portfolio with an installed capacity of over 6GW dispersed across projects located in the US, Canada, Japan, and Mexico. The state of New Mexico represents a cornerstone in their continued expansion, with over 1GW of wind projects that began construction in January 2022. The deal represents the firm’s ambition to accelerate its growth in the coming years, with plans to invest over $6bn in renewable energy assets.
Image Source: Maarten van den Heuvel (27.04.23)