The 450 MW solar portfolio is comprised of three projects located in MISO South
DENVER, June 10, 2024 /PRNewswire/ — Redeux Energy Partners LLC (Redeux Energy), a leading utility-scale solar and energy storage development company, today announced the sale of a 450 MWdc project portfolio to Pine Gate Renewables, a developer and owner-operator of utility-scale solar and energy storage projects across the United States. The portfolio is comprised of three projects located in the MISO South energy market.
MISO is experiencing strong renewables demand driven by utility decarbonization goals as well as commercial and industrial load growth. These factors informed Redeux Energy’s MISO South project portfolio, which was developed by the company’s best-in-class development team utilizing a full suite of in-house capabilities. The acquired projects support Pine Gate’s industry leading operational portfolio and development pipeline.
“Redeux Energy was built to site and develop high-quality, utility-scale solar and battery storage projects to help meet the growing deployment goals of leading Independent Power Producers (IPPs) such as Pine Gate,” said Rob Masinter, Chief Executive Officer of Redeux Energy. “This transaction demonstrates that the scale and quality of projects we are delivering aligns with the needs of world-class IPPs as well local landowners and communities.”
“Redeux Energy developed turnkey assets that will be competitive additions to our growing MISO pipeline,” said Andrew Vietze, Senior Vice President for Mergers and Acquisitions at Pine Gate Renewables. “The Redeux and Marathon teams were a pleasure to work with and we look forward to future business opportunities with both partners.”
This is the first transaction from an eleven-project, multi-state 1.7 GWdc portfolio brought to market in late 2023 and represented by Marathon Capital. Redeux Energy plans to bring additional, multi-GW portfolios to market annually, leveraging its systematic development process, robust tool set, and platform led by an exceptional management team. Founded in early 2021 and headquartered in Denver, Colorado, Redeux Energy has a current project pipeline totaling approximately 7 GW and 7 GWh of solar and storage capacity spanning the ERCOT, MISO, SERC, and WECC energy markets. Redeux Energy also recently announced a process to raise capital to accelerate its growth.
“This sale is a tremendous milestone for Redeux Energy to achieve, validating both the quality of our projects and the market demand from top tier owner-operators,” said William Harrison, CEO of Cathexis Holdings, the company’s largest shareholder. “We are thrilled with progress to date and looking forward to continued growth and additional portfolio sales.”
“Redeux has capitalized on the rising demand for renewables across the MISO market by using an impressive, structured development process. Redeux is well-positioned for further growth, and we look forward to collaborating on future opportunities,” said Sarah Nash, Director for Marathon Capital.
ABOUT REDEUX ENERGY
Redeux Energy is a utility-scale solar and storage development company with expertise in a range of strategies to transform greenfield, mined and industrial lands into renewable power infrastructure that produces new revenue streams and addresses local needs for economic and workforce development. Redeux Energy is powered by exceptional people and processes. Redeux Energy is backed by Cathexis Holdings – a Houston-based, multi-billion dollar, single-member family office with active investments across industries including real estate, infrastructure, and energy. Thoroughbred Holdings, a Redeux Energy investor and co-founder, originates and supports investments in world-class infrastructure, energy and natural resource assets. Founded in 2021, Redeux is headquartered in Denver, Colorado. Learn more at www.redeuxenergy.com
ABOUT PINE GATE RENEWABLES
Pine Gate Renewables is a developer and owner-operator of utility scale solar and energy storage projects across the United States. Founded in 2016, Pine Gate is dedicated to the innovative deployment of clean energy and has extensive experience in the development, financing, construction, and operation of solar and energy storage facilities. A trusted partner and leader in the industry, Pine Gate has closed more than $7 billion in project financing and capital investment. Pine Gate’s operational fleet includes over 100 solar facilities accounting for more than two gigawatts (GW) of installed capacity and it has over 30 GW of projects in development.
ABOUT MARATHON CAPITAL
Over its more than two-decade history, Marathon Capital has emerged as the world’s largest independent advisory bank serving the global sustainable energy, technology and infrastructure markets. Marathon Capital is known as a key thought leader in global energy transition and is consistently viewed as the most innovative bank across clean energy. Marathon Capital has been a multi-year winner of “M&A Advisor of the Year” by Power, Finance & Risk Magazine, and was recently awarded “Financial Adviser of the Year – North America (2023)” by IJ Global in 2024. The Company has strong, established relationships with both strategic and financial institutional investors located globally. Marathon Capital is headquartered in Chicago, IL, with offices in New York, Houston, San Francisco, San Diego, London, as well as representative offices in Calgary, São Paulo, Madrid, and Seoul.
