NEWS: Joint Venture Portfolio Milestone
May 20, 2018
ReNew Petra and Monarch Private Capital Announce $100 Million Portfolio Milestone
Huntersville, NC – ReNew Petra, a vertically-integrated renewable energy company, announced that their jointly owned utility-scale solar portfolio with Monarch Private Capital (MPC) and its subsidiary, Alchemy Renewable Energy, is now valued at over $100 million, including 11 solar projects. This milestone is a step towards validating a vertically-integrated approach to buying, building and owning solar farms long term.
ReNew Petra’s construction team built $84.1 million of the $100 million portfolio and worked with Alchemy to acquire completed projects. For the entire portfolio, Alchemy helped source capital resources, including $46.1 million of tax equity through MPC. To date, MPC has placed over $1 billion of tax credits.
“Alchemy Renewable Energy and Monarch Private Capital greatly value our association with ReNew Petra as well as the opportunity to create clean power by investing in and attracting taxpaying investors to renewable energy,” said Lacie Clark, MPC’s Managing Director of Energy Assets and CEO of Alchemy Renewable Energy, “We’re very excited about our renewable energy projects under construction and remain diligent in our effort to create clean reliable power to the benefit of communities and future generations.”
Included in the joint portfolio is a 14.28 megawatt utility-scale solar farm in Bosque County, Texas with a construction cost of just over $19.4 million. The solar project is one of the largest community solar projects in the country producing 26,064,000 kilowatt hours, enough to power 2,606 homes per year. Wayne Marshall, ReNew Petra managing director stated, “We’re excited about this project because it reduces energy costs for residential consumers while providing renewable energy through their local electric cooperative.”
ReNew Petra was formed in 2016 by a leadership team that brings more than five decades of combined experience in development, finance, engineering and construction of solar, landfill gas-to-energy and bioenergy projects.
“We are now pricing and building utility-scale solar projects that sell energy to the grid at the lowest possible cost to the customer. ReNew Petra’s commitment to harnessing the clean energy all around us will ensure that the lowest cost energy, with the lowest environmental impact, is the world’s future. It is why our focus goes beyond solar into emerging innovations, like bioenergy, which will likely become as mainstream as solar,” commented Richard Payne, the other managing director of ReNew Petra.
As a licensed general contracting company, ReNew Petra provides engineering, procurement and construction, along with operations and maintenance for all their own projects, as well as for third parties. “We are a turn-key shop,” added Marshall. “We can secure the financing, design, development and maintain the projects, seeing them to fruition.”
About ReNew Petra
In 2016, ReNew Solar joined forces with Petra Energy to form ReNew Petra, a vertically integrated renewable energy investment and construction company. We are a licensed General Contracting company with the technical expertise to provide our own internal operations and maintenance (O+M) and asset management (AM), as well as provide these services to institutional capital partners. Additionally, we have the structuring expertise to provide institutional capital partners safe, “core” return opportunities, allowing these partners the ability to participate in the development risk to yield higher returns, if desired. Please visit www.thinkrenew.com to learn more.
About Monarch Private Capital
Monarch Private Capital positively impacts communities by investing in tax credit supported industries. The company is a nationally recognized tax equity investor providing innovative capital solutions for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch has long term relationships with institutional and individual investors, developers, and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and tax credit professionals located throughout the U.S. Please visit monarchprivate.com to learn more.
Alchemy Renewable Energy
Alchemy Renewable Energy is an industry leader in renewable energy projects and comprehensive long-term debt and tax equity financing. We engage a strong network of joint ventures, credentialed team, and parent company Monarch Private Capital to support premium mid-size utility-scale renewable energy projects, including solar and biomass power generation. We reduce overall project costs and produce higher overall investor returns by eliminating the need to source third-party development and financing support. Please visit alchemyenergy.com to learn more.