Redeux Energy CEO speaks with NPM, October 2024
This article first appeared in NPM.
Redeux Energy Partners is preparing to sell a new portfolio of solar, standalone storage and paired projects in ERCOT and the Southeastern US in the 1Q25, even as it works its way through its ongoing portfolio sale.
As reported, Redeux hired Marathon last year to sell 11 projects across MISO and SERC.
The company first reached a deal this summer to sell three projects in MISO South to Pine Gate Renewables and earlier this week sold a paired project in Ohio County, Kentucky to Scout Clean Energy. Overall, it’s looking to close out the year with six projects under contract and is in advanced talks to sell another two projects in MISO South and is aiming for 1 GW closed in 2024.
Redeux CEO Rob Masinter said these sales illustrate there remains a robust pool of buyers interested in assets, and despite being in early-to-mid-stage, the projects are well-sited and have shown progress in interconnection studies, making them particularly attractive.
Redeux still has two projects in Georgia and one project in Alabama that have executed interconnection agreements with Southern Company. This includes the 110 MW Yellowhammer Renewable Energy project in Montgomery County, Alabama, 195 MW Carters Ford paired project in Taliafero County and a 180 MW Satilla Source Energy paired project in Ware County, Georgia.
Masinter said they are also in active talks on these projects, as well as a QF Hybrid project in South Carolina, with prospective buyers.
“Proven IPPs like Scout and Pine Gate have the demonstrated ability to step in and develop our projects from mid-stage through construction and operation,” said Masinter adding that they are willing to “acquire projects selectively when they need additional project capacity in targeted markets to meet annual deployment objectives.”
The Ohio County, Kentucky project—Bluegrass Green—is forecasted to secure an interconnection agreement in mid-2026 barring any interconnection delays, added a Scout spokesperson.
Masinter continues to see buyers from all over the world show interest in these assets, including domiciled and European IPPs, but also interest from Asia and Latin America. In recent weeks the likes of ContourGlobal made its first US deal for renewable energy projects, while Octopus Energy continued to scale its US presence with two US platform investments.
“Not all market entrants aspiring to be IPPs have vertically-integrated capability in terms of their ability to build, own and operate these assets,” said Masinter. “We are selective in terms of who we sell to.”
Development fees remain healthy in certain markets, but they are negotiated depending on locational values and constructability, added Masinter.
