CohnReznick Capital Markets Advises on Partnership with 8minutenergy and sPower on 72.9 MW-dc Redwood Solar Projects
72.9 MW-dc portfolio to sell energy to Southern California Edison, Pacific Gas & Electric, and the City of Palo Alto
February 6, 2015– New York, NY - CohnReznick Capital Markets Securities (CRCMS) announces an agreement with 8minutenergy Renewables – the nation's leading independent solar PV developer – and sPower – a prominent renewable energy provider – on their utility-scale Redwood Solar Farm cluster in Kern County, Calif. The 72.9 MW-dc aggregated solar project has signed PPAs with Southern California Edison (SCE), Pacific Gas and Electric Company (PG&E) and the City of Palo Alto.
8minutenergy will team with sPower to build Redwood Solar Farms with a Commercial Operation Date (COD) in the third quarter of 2015. CRCMS was able to identify Macquarie (USA), Inc. (Macquarie) as a provider of development capital for the project in order to bring the project to a construction-ready stage. 8minutenergy also contributed development capital to the projects.
"CohnReznick Capital Markets worked jointly with Macquarie Capital and 8minutenergy over the last year to help deliver these projects to the marketplace. This was a great opportunity to utilize each group's specific abilities to collectively bring these projects to fruition," said CRCMS Managing Director, Conor McKenna. "We are excited to have facilitated the development of these assets and to broaden the development of utility-scale solar in the U.S."
The agreement between CRCMS, sPower and 8minutenergy was transacted with 8minutenergy's wholly-owned subsidiaries 65HK 8me LLC, 67RK 8me LLC, and 87RL 8me LLC. The agreement process was led by Macquarie Capital. Financial details were not disclosed.
CohnReznick Capital Markets Securities (CRCMS)
CRCMS offers a comprehensive financial advisory platform for the renewable energy industry, providing solutions for tax equity, equity, debt, asset sales or purchases. The company represents financial institutions, infrastructure funds, strategic participants (IPPs and utilities) and more than 60 wind, solar, biomass and other alternative energy developers nationwide.
To date, CRCMS has led the financing of over 880 MW in solar, wind and biomass projects and has placed tax equity financing for over $3 billion in assets. CRCMS has successfully executed sale placements and asset sales for 250 MW of solar and 90 MW of wind projects. www.cohnreznickcapmarkets.com/