The deal increases the company's total capital raised to $20 million and fully funds development of the company's current wind development pipeline.
AUSTIN, Texas, Feb. 9, 2012-- Pioneer Green Energy, an Austin-based utility-scale wind and solar developer, has secured $11 million of financing for development of its portfolio of wind projects across the U.S. The funds come from an undisclosed institutional investor with substantial experience in the wind industry. The deal increases the company's total capital raised to $20 million and fully funds development of the company's current wind development pipeline.
Formed in 2009, Pioneer was created to leverage the seven founding members' strong industry experience and innovative development strategies in order to meet the country's increasing demand for green energy projects. The company is based in Austin, Texas with offices in California and staff on the East Coast. Prior to forming the company, the founding group collectively helped to develop more than 2,700 megawatts of wind projects around the country that are now owned and operated by major renewable energy companies. Pioneer's portfolio includes 20 wind projects and 10 solar projects in development in New England, the Mid-Atlantic, the Southeast, Texas, California and the Southwest. Pioneer specializes in bringing to market complex, high-value projects driven by in-depth transmission analysis.
Pioneer is led by Andy Bowman, a wind industry executive with 15 years of experience in wind and solar development. Previously, Mr. Bowman was co-founder and President of Renewable Generation Inc., a Texas-based wind developer, which was acquired by Airtricity in 2005. Mr. Bowman oversaw Airtricity's development activities in both the U.S. and Canada and, following the 2007 acquisition of Airtricity by E.On Climate & Renewables North America, served as E.On's Chief Development Officer.
"The $11 million financing is a strong testament to our team, our focused approach to markets and the development portfolio that we have assembled," said Mr. Bowman. "The country needs more inexpensive renewable energy, and we are fortunate to be working with investors that see the opportunity for growth in renewable energy, perhaps even surprising growth, over the next 2-3 years. We are excited to have the funding now to bring these projects to the market."