Reinforces 8minute’s position as a clean technology leader and signals a new phase of growth
8minute Solar Energy ("8minute") today announced that it has closed $400 million in financing from EIG, a leading institutional investor in the global energy and infrastructure sectors. The financing agreement includes a portion of growth equity and a letter of credit. R. Blair Thomas, EIG's Chairman and CEO, will join 8minute's Board of Directors.
This strategic fundraise will help 8minute continue to operate and grow its attractive portfolio of clean energy assets, which includes more than 18 gigawatts (GW) of solar capacity and 24 gigawatt-hours (GWh) of storage throughout California, Texas, and the southwestern United States—enough energy to provide power for 20 million people. Importantly, this investment will enable 8minute to focus on technology innovation and advanced solar plant design, and to begin building projects on its own balance sheet.
"This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero-carbon future, but also an important signal that the private sector recognizes the immediate need for more reliable, resilient, and low-cost climate solutions," said Dr. Tom Buttgenbach, Founder and CEO of 8minute. "With EIG's investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart' solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success."
Since 1982, EIG has been a leading institutional investor to the global energy sector and is committed to supporting the global clean energy transition. With more than $8.4 billion deployed in sustainable and renewable energy to date, EIG has paved a path for robust corporate investments in renewable energy and infrastructure.
"8minute is a clear leader in the industry and possesses the best-in-class team, technical prowess, and integrated design approach needed to make a clean energy future a reality," said R. Blair Thomas, EIG's Chairman and CEO. "We're thrilled to be able to help fuel long-term, sustained growth for 8minute and remain committed to supporting the company's new ventures and future endeavors."
8minute has one of the largest pipelines of solar power plants with integrated energy storage in the United States, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. The company's unique combination of development, execution, and technology has led 8minute to set new industry records on cost, scale, and reliability. This includes the Eland Solar & Storage Center, which will deliver solar, day and night, to the cities of Los Angeles and Glendale at record-low costs.
ABOUT 8MINUTE SOLAR ENERGY
As a record-breaking, unrivaled technology leader, 8minute Solar Energy ("8minute") is championing the clean energy transition in the United States and shaping the future of energy through its next generation of smart solar power plants. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects in operation and currently has over 18 GW of solar and 24 GWh of energy storage projects under development. By prioritizing technology and engineering innovation, 8minute's best-in-class team has continued to set new industry records: developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and securing a deal to deliver solar with storage at record-low prices in 2019. Now one of the largest solar developers in the country with an established track record of delivering above-market profitability, 8minute's relentless pursuit of smart energy generation is unlocking growth and expanding access to affordable and reliable clean energy. For more information, visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.
EIG is a leading institutional investor to the global energy sector with $22.6 billion under management as of September 30, 2021. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 39-year history, EIG has committed over $39.0 billion to the energy sector through 378 projects or companies in 38 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG's website at www.eigpartners.com.