KDC Solar announces closing of 5.5 MW solar power project
NOVEMBER 20, 2018 KDC SOLAR
KDC Solar, a leading developer, owner, and operator of solar power facilities has announced the commencement of construction on a 5.5 megawatt solar power system located in the Bridgeton and Fairfield Townships, New Jersey. The solar project will supply electricity to the adjacent Ardagh Group glass manufacturing facility, producing approximately 7.5 million kilowatt hours of renewable electricity in its first year.
“Ardagh Group is delighted to collaborate with KDC Solar on this renewable project,” said Bertrand Paulet, President and CEO of Ardagh Group’s North American Glass division. “Upon completion, our Bridgeton facility will benefit from cleaner, more cost- efficient energy, consistent with Ardagh Group’s objective of delivering fully recyclable, sustainable packaging solutions to our customers.”
Alan Epstein, President and CEO of KDC Solar said, “We are excited to support the Ardagh Group in its quest to obtain competitively priced clean electricity for its operations. We look forward to a long relationship with this global leader in packaging solutions.”
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity were arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
“This represents our second project with KDC Solar in New Jersey. Alan and the KDC team are experienced developers and we look forward to further expanding our project portfolio with them” said Everett Smith, Managing Partner of GoldenSet Capital. “The KDC Solar team has a deep understanding of energy project development and finance making them an ideal partner for us” adds Rob Pryor, Principal, GoldenSet Capital.
“We’re delighted to have provided the financing for another large net metered solar project with KDC Solar and GoldenSet Capital,” said Bob Banks, CEO of Seminole Financial Services. “Repeat business is a tenet of our organizational philosophy and this execution proved to be extremely efficient. We look forward to many more successful projects together.”
About KDC SOLAR
KDC Solar develops, owns and operates solar power projects providing commercial, industrials and governments with significantly lower long-term electric costs through
solar power. KDC Solar was initially supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more
than $1.8 billionof committed capital under management. KDC currently owns and operates more than 76 megawatts of solar facilities at 15 different locations and is constructing and permitting more than 70 megawatts of solar projects. For more information, visit www.kdcsolar.com.
About ARDAGH GROUP
Ardagh Group is a global leader in glass and metal packaging solutions, producing packaging for most of the world’s leading food, beverage and consumer brands. We operate more than 100 facilities in 22 countries, employ approximately 23,000 people and have global sales of approximately $8.6 billion. For more information,
visit www.ardaghgroup.com
About GOLDENSET CAPITAL PARTNERS:
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and invests project finance equity and structured capital in projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com
About NORTH SKY CAPITAL LLC
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN and New York, NY. For more information, visit www.northskycapital.com
ABOUT SEMINOLE FINANCIAL SERVICES
Since 2009, Seminole has committed more than $1.5 billion in construction and permanent debt financing plus tax credit equity for more than 190 solar and wind installations throughout the continental U.S. and Hawaii, for the equivalent of over 850
MW in installed capacity. Seminole Financial Services, LLC is the operating entity for the six companies that collectively make up The Seminole Companies. For more information about The Seminole Companies please visit our website at www.seminolefinancialservices.com
BEDMINSTER, N.J., Sept. 20, 2018 /PRNewswire/ — KDC Solar LLC, a leading developer, owner and operator of solar power facilities announced today that it has begun construction on a 23.5-megawatt solar photovoltaic system in Jackson, New Jersey. This system will supply Six Flags Great Adventure with clean renewable energy and virtually all its electrical load at the park. When completed, the project will be the largest net metered solar installation in the State of New Jersey.
The solar facility will produce approximately 30 million kilowatt hours of clean electricity in the first year. Additionally, the environmental benefits of the project will be equivalent to providing power for 2,787 homes for a year or removing approximately 108,000 cars from the road.
Alan Epstein, President and CEO of KDC Solar said “we are very pleased and proud to have been selected by Six Flags Great Adventure for this groundbreaking solar project. We also want to recognize and thank our partners, GoldenSet Capital Partners and Seminole Financial Services, for providing the necessary capital to build this project.”
Debt financing for the project was provided by Seminole Financial Services through a construction and a permanent loan facility. Development capital and project equity was arranged by GoldenSet Capital Partners in its role as sub-advisor to the North Sky Capital Alliance Fund II.
As a company built on a relationship-first philosophy, we’re grateful for the opportunity to work alongside such highly respected organizations as KDC Solar and GoldenSet Capital,” said Bob Banks, CEO of Seminole Financial Services. “We’re honored to have provided the financing for this monumental project.”
“The KDC team has an extensive history of successfully developing significant energy projects and represents an ideal partner for GoldenSet Capital and Alliance Fund II” said Everett Smith, Managing Partner of GoldenSet Capital. “We look forward to the continued expansion of our portfolio with KDC” added Rob Pryor, Principal, GoldenSet Capital.
About KDC SOLAR
KDC Solar develops, owns and operates solar power projects providing commercial, industrials and governments with significantly lower long-term electric costs through solar power. KDC Solar was initially supported by an allocation of $225 million in equity from Diamond Castle Holdings, a New York-based private equity fund with more than $1.8 billion of committed capital under management. KDC currently owns and operates more than 76 megawatts of solar facilities at 15 different locations and is constructing and permitting more than 70 megawatts of solar projects. For more information, visit www.kdcsolar.com.
About GOLDENSET CAPITAL PARTNERS:
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and invests project finance equity and structured capital in projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com
About NORTH SKY CAPITAL LLC
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN and New York, NY. For more information, visit www.northskycapital.com
ABOUT SEMINOLE FINANCIAL SERVICES
Since 2009, Seminole has committed more than $1.5 billion in construction and permanent debt financing plus tax credit equity for more than 190 solar and wind installations throughout the continental U.S. and Hawaii, for the equivalent of over 850 MW in installed capacity. Seminole Financial Services, LLC is the operating entity for the six companies that collectively make up The Seminole Companies.. For more information about The Seminole Companies please visit our website at www.seminolefinancialservices.com
CONTACT:
Sam Silverberg
201 410 6818
ssadv@hotmail.com
View original content:http://www.prnewswire.com/news-releases/construction-commences-for-23-5-mw-solar-power-project-at-six-flags-great-adventure-in-jackson-new-jersey-300715281.html
SOURCE KDC Solar LLC
Copyright (C) 2018 PR Newswire. All rights reserved
Stamford, CT, May 31, 2018 – ECA Solar LLC (“ECA”), a solar energy project developer and installer based in Waltham Massachusetts, has signed an equity investment agreement with North Sky Capital’s Alliance Fund II (“Alliance Fund II”). The investment was arranged by GoldenSet Capital Partners LLC (“GoldenSet”), a sub-advisor to Alliance Fund II, to provide up to
$50.0 million of construction and permanent project equity for a portfolio of solar photovoltaic projects under development by ECA in Massachusetts.
“Our partnership with GoldenSet has allowed ECA to broaden our activities and become a long- term solar project owner. With our strong development pipeline and the supportive environment for solar in Massachusetts we anticipate building a substantial portfolio in partnership with GoldenSet” said Todd Fryatt, President and CEO, ECA Solar LLC.
“The ECA team is exactly what we seek – focused, experienced and building on a solid track record of development success.” adds Everett Smith, Managing Partner of GoldenSet Capital.
About ECA Solar LLC:
Formed in February 2014, ECA Solar focuses on the development, engineering and construction of large-scale solar PV facilities, including but not limited to over 3 Million square feet of industrial rooftop solar systems. The ECA advantage comes with its seasoned management team and focus on execution. For more information, visit www.ecasolar.com
About GoldenSet Capital Partners LLC:
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and invests project finance equity and structured capital in projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com
About North Sky Capital LLC:
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN and New York, NY. For more information, visit www.northskycapital.com
Stamford, CT, December 27, 2017 – KDC Solar LLC (“KDC” or the “Company”), a solar energy project developer based in Bedminster N.J., has signed an equity investment agreement with North Sky Capital’s Alliance Fund II (“Alliance Fund II”). The investment was arranged by GoldenSet Capital Partners LLC, a sub-advisor to Alliance Fund II, to provide development capital and permanent project equity for a portfolio of four solar photovoltaic projects located in New Jersey. When completed the four projects will total 16.6 MW.
“GoldenSet Capital Partners were not only competitive but professional and easy to work with. They kept their eye on the ball. We look forward to a long term mutually profitable relationship” said Alan Epstein, President and CEO, KDC Solar LLC.
“The KDC team has a long legacy of accomplishment in the power development business across many markets and technologies. This deep experience base provides a detailed understanding of the factors that are critical to success” adds Everett Smith, Managing Partner of GoldenSet Capital.
About KDC Solar LLC:
Headquartered in Bedminster, N.J., KDC Solar is the developer, owner and operator of 76 MWs of primarily “net-metered” solar facilities at fifteen different locations and anticipates commencing construction on 42 megawatts of “net metered” solar projects in 2018. KDC Solar is committed to using clean solar energy to provide economic stimulus and jobs through long term discounted electric rates for commercial and industrial users.
About GoldenSet Capital Partners LLC:
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and provides project finance equity and structured capital to projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com.
About North Sky Capital LLC:
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN. For more information, visit www.northskycapital.com.
JLM Energy announces $25-million project finance investment
ROCKLIN, Calif. – September 26, 2017 – JLM Energy, a renewable energy technology company, announced today that it has secured $25 million to finance distributed energy storage projects for Commercial & Industrial (C&I) customers.
The investment was arranged by GoldenSet Capital Partners as subadvisor to the North Sky Alliance Fund II. CohnReznick Capital was the advisor to JLM Energy in this transaction.
This funding will finance deployment of energy services and accelerate the rapid adoption of JLM’s Phazr, an innovative distributed energy storage platform specifically designed for the large-scale deployments in the C&I market. By taking this module level approach, JLM’s Phazr is able to advance DC coupled storage applications by minimizing cost of design, installation, as well as operations and maintenance. Operating with its patent pending Symmetric DC Regulation, JLM is able to maximize
solar generation to provide the most optimized solution, ensuring the customer achieves the highest amount of savings.
Ardes Johnson, JLM’s vice president of strategic initiatives said, “This funding will enable our customers to immediately realize savings and achieve control over monthly utility expenses by using the most sophisticated technology on the market today.”
Available customer finance options include energy as a service and standard loan options for a monthly payment that is substantially lower than the savings provided by the system. The facility is expected to be fully committed by Q3 of 2018.
“Distributed energy storage is an attractive investment opportunity for GoldenSet in which we can mitigate risk while helping experienced and innovative partners like JLM capture the accelerating opportunities of a quickly evolving landscape,” said Everett Smith, Managing Partner of GoldenSet Capital.
About JLM Energy
JLM Energy is an energy technology company. JLM has created a fully-integrated software platform and energy ecosystem that optimizes energy use and maximizes savings for customers. The ecosystem includes solar, energy storage, monitoring devices, algorithms and load controllers that are all unified via a single software platform. JLM Energy is an employee-owned company. To learn more, visit www.jlmei.com.
About GoldenSet Capital Partners and About North Sky Capital
GoldenSet Capital Partners focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and provides project finance equity and structured capital. North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds.
For more information, visit www.northskycapital.com and www.goldensetcapital.com.
About CohnReznick Capital
At CohnReznick Capital our team creates unprecedented firsts, providing investment banking services to the sustainability sector. Since 2010, CohnReznick Capital has executed more than 90 project and corporate financings for renewable energy assets, valuing more than $11 billion in aggregate. To learn more visit,
www.cohnreznickcapital.com
Media contacts:
Ellen Howe for JLM Energy
Tel. 703-835-5550
Email: ellen.howe@jlmei.com
Everett Smith for GoldenSet
Tel: 203-683-0930
Email: esmith@goldensetcapital.com
Tom Weirich for CohnReznick Capital
Tel. 202-509-6435
Email: tom.weirich@cohnreznickcapital.com
Washington, DC, April 21, 2017 – Building Energy Holding U.S. (“BEHUS” or the “Company”), a North America focused renewable energy project developer and Independent Power Producer, affiliate of Milan Italy based Building Energy S.p.A., announced that it has signed an equity investment agreement with North Sky Capital’s Alliance Fund II (“Alliance Fund II”). The investment was arranged by GoldenSet Capital Partners LLC, a sub-advisor to Alliance Fund II, to monetize the Company’s project equity investment in a 43 MW portfolio of operating solar and wind projects.
“GoldenSet Capital, on behalf of Alliance Fund II, worked tirelessly to complete a complex transaction in a very timely manner, ” said Andrea Braccialarghe, Managing Director of BEHUS. “Our renewables business, both in the U.S. and globally, continues to expand rapidly and we appreciate the support of sophisticated investors like GoldenSet Capital and Alliance Fund II.” The Company was advised by MVP Capital, a leading advisor to companies and investors active in the renewable energy sector.
About Building Energy:
Building Energy is a multinational company operating as Global Integrated IPP in the Renewable Energy Industry on four continents. The company is vertically integrated on the value chain, from the development of projects to the sale of energy. With a pipeline in 20 countries with over 2,600
MW and generative assets being built over the next two years for more than 700 MW, the company is positioned to be one of the major players on the international scene in the renewable energy field. For further information, visit www.buildingenergy.it.
About GoldenSet Capital Partners LLC:
GoldenSet Capital Partners, based in Stamford CT, focuses on investments in the sustainable infrastructure sector. It acts as a sub-advisor to Alliance Fund II and provides project finance equity and structured capital to projects and companies in the United States and Canada. For more information, visit www.goldensetcapital.com.
About North Sky Capital LLC:
North Sky Capital is a registered investment adviser and a leader in impact investing with $1.2 billion in committed capital across its various funds. North Sky was established in 2000 and is based in Minneapolis, MN. For more information, visit www.northskycapital.com.
About MVP Capital:
MVP Capital provides mergers and acquisitions, private debt and equity capital raising, and strategic and valuation advisory services focusing on the renewable energy, media, telecom and technology sectors. Founded in 1987, MVP has completed over $20 billion of transactions and has offices in San Francisco, New York, Boston, Kansas City and Boulder. For more information, visit www.mvpcapital.com.
OneRoof Energy Announces Refinancing of 12.1 MW Sponsor Equity Position
Net Proceeds Used to Retire Senior Credit Facilities
SAN DIEGO, Aug. 10, 2016 /PRNewswire/ — OneRoof Energy, Inc. (“OneRoof”), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (the “Company”) (TSXV: ON), today announced that that it has refinanced its sponsor equity interest in a 12.1 MW residential solar portfolio (the “Portfolio”) consisting of 1,611 residential solar systems. The transaction was structured through the issuance of a preferred membership interest in the Portfolio’s special purpose vehicle (the “SPV”) to Greenbacker Residential Solar LLC (“Greenbacker”) for an aggregate purchase price of USD$19,750,000 (the “Transaction”). Under the terms of the Transaction, Greenbacker was appointed the managing member of the SPV and the Company will retain a residual interest in the SPV and continue to perform general operation and maintenance functions for the Portfolio. MVP Capital acted as the exclusive financial advisor to OneRoof Energy in arranging this transaction.
“This transaction is consistent with our current plan to utilize capital to support strategic growth under our Solar 2.0 model, which is focused on being a low- cost, capital-light, residential solar fulfillment platform, focused on partnering with scalable and low-cost sales partners,” stated David Field, president and CEO of OneRoof. “We are pleased to be working with Greenbacker and to be supporting their already robust wind and solar portfolios.”
Substantially all of the net Transaction proceeds, plus amounts previously on deposit, were used to retire all principal, accrued interest and early prepayment fees on its outstanding senior credit facilities arranged by Goldenset Capital Partners, LLC (the “Senior Loans”). The remaining Transaction proceeds were earmarked for general working capital purposes.
“The company is very excited to pay down its Senior Loans and terminate all related security interests. This financial restructuring will provide the company significant flexibility in its ability to source capital going forward,” stated David Field, president and CEO of OneRoof.
“Adding a large residential rooftop solar portfolio in partnership with OneRoof Energy Inc., who maintains an ongoing minority stake in the portfolio, adds significant diversification to Greenbacker’s current portfolio of solar and wind assets,” stated Charles Wheeler, CEO of Greenbacker. “This segment of the market has become increasingly sophisticated and opportunities for securitization of these portfolios provide significant upside potential. As we continue to grow our portfolio of alternative energy assets, which now totals in excess of $100 million, we seek projects that will continue to broaden our revenue stream, providing more predictable returns for our investors.”
excess of $100 million, we seek projects that will continue to broaden our revenue stream, providing more predictable returns for our investors.”
About OneRoof Energy
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a solar services provider dedicated to its “Solar 2.0” approach: an innovative model that enables consumer services companies in various verticals to sell residential solar while confidently relying on their solar partner for implementation. OneRoof uses its proven technology platform, big data and proprietary systems to help its partners reach out to their customers who can benefit from solar while building a channel into the home for 20 years. OneRoof provides its partners with customized, turn-key solutions, offering homeowners a suite of financing options, including traditional loan, lease and PPA financing together with system design, installation management and ongoing system monitoring and maintenance. OneRoof is based in San Diego, California, and serves residential customers in nine states: Arizona, California, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New York and Pennsylvania with plans for additional expansion. For more information, visit www.oneroofenergy.com (http://www.oneroofenergy.com/).
About Greenbacker Renewable Energy Company LLC
Greenbacker Renewable Energy Company LLC is a publicly registered, non- traded Limited Liability Company that expects to acquire a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
About MVP Capital
Certain statements contained in this document, including those that express management’s expectations or estimates regarding the Company’s future performance, are “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of this press release.
SAN DIEGO, Nov. 24, 2015 /PRNewswire/ — OneRoof Energy, Inc. (“OneRoof” or the “Company”), a residential solar services provider and wholly-owned subsidiary of OneRoof Energy Group, Inc. (“OneRoof Energy”) (TSXV:ON) today announced that it signed a loan agreement with North Sky Capital’s Alliance Fund II. The loan agreement was arranged by GoldenSet Capital, a sub-advisor to Alliance Fund II, and will provide the Company with a US$20 million loan facility (the “Facility”).
“GoldenSet Capital and North Sky Capital are great partners,” said David Field, president and chief executive officer of OneRoof Energy. “The residential solar industry continues to expand at a fast pace. To meet the demand of this capital intensive industry, we are pleased to be working with this group who have been supportive with continued funding.”
Loan amounts may be drawn by the Company under the Facility from time to time subject to the Company’s satisfaction of certain borrowing base and other funding conditions. Amounts under the Facility remaining undrawn will be subject to a non-use fee of 0.50% per annum of the committed, but undrawn portion of the Facility. Principal and interest on the Facility will mature in two and one half years and interest will accrue at a fixed rate of 15 percent per annum, compounding monthly, from the date of the closing of the Facility. The Facility is secured by a second lien on the assets of the Company that are not otherwise pledged under project financings, will be secured by a first lien in the Company’s sponsor equity interest in its next tax equity fund and will be senior to the Company’s subordinated convertible and non-convertible notes in each asset class.
The closing of the Facility is subject to all applicable regulatory approvals, including the acceptance of the TSXV. Proceeds from the Facility will be used for investment in solar projects and general working capital purposes.
About OneRoof
OneRoof Energy, Inc., a wholly-owned subsidiary of OneRoof Energy Group, Inc., is a complete solar services provider offering homeowners everything from traditional and lease financing, PPAs, solar system design and installation project management to ongoing system monitoring and maintenance services. Utilizing its technology-rich, solar leasing fulfilment platform, OneRoof is partnering with traditional residential solar originators, energy retailers and home services companies of all sizes to offer residential customers affordable, renewable energy choices. With its unique end-to-end energy solution, the Company has created multiple touch points to offer cost-saving energy products and services that create a seamless experience for the homeowner while fulfilling their unique energy needs. Currently, OneRoof serves residential customers in nine states including Arizona, California, Hawaii, Massachusetts, New Jersey, Connecticut, Pennsylvania, Maryland and New York with plans for additional expansion. For more information, visit www.oneroofenergy.com.
About GoldenSet Capital Partners LLC
GoldenSet Capital Partners focuses on investments in the energy and environmental infrastructure sectors and is based in Stamford, CT. It acts as the sub-advisor to North Sky Capital’s Alliance Fund II, LP and Cleantech Alliance Fund I, LP. GoldenSet provides project finance equity and structured capital to projects and companies in the United States and Canada. For more information, visit http://www.goldensetcapital.com/.
About North Sky Capital LLC
North Sky Capital is an independent registered investment adviser that was established in 2000 and based in Minneapolis, MN. For more information, visit www.northskycapital.com.
Caution Regarding Forward-Looking Information
Certain statements contained in this document, including those that express management’s expectations or estimates regarding the Company’s future performance, are “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is necessarily based on a certain number of estimates and assumptions, which while considered plausible by the management when they are made, are inherently subject to significant commercial, economic and competitive risks and uncertainties. We advise investors not to rely unduly on forward-looking information. The Company further declines any intention or obligation to publicly update this forward-looking information, whether due to new information, or future or other events, unless required by applicable law.
Neither the TSX Venture Exchange nor its regulation service provider (as these terms are defined in policies of the TSX Venture Exchange) bears responsibility for the adequacy or accuracy of
this press release.
Dan Halvorson
Executive Vice President & CFO OneRoof Energy Group, Inc.
858-926-7660 (Direct)
dhalvorson@oneroofenergy.com
Karen Fisher
Vice President, Investor Relations & Compliance
OneRoof Energy Group, Inc.
858-926-7541 (Direct)
kfisher@oneroofenergy.com
SOURCE OneRoof Energy, Inc.
Gamesa Deploys Its Overhaul and Life Extension Programs in a Wind Farm Boosting Rated Power by More Than 7.5%
Gamesa’s Overhaul and Life Extension deliver profitable turbine operation until year 30 of service life.
Gamesa will also maintain this wind farm for 15 years.
Gamesa, a global wind technology leader, has successfully completed Overhaul and Life Extension upgrades to the Medicine Bow Wind Farm in Carbon County, Wyoming (USA) for wind farm owner and wind generation investor Commonwealth Bay. The upgrade package includes a 15-year comprehensive operations and maintenance agreement.
The project included the application of Gamesa’s Turbine Overhaul and Life Extension programs to the wind farm’s nine turbines, produced by another wind turbine manufacturer and having nameplate ratings from 600 kW to 660 kW. Turbine Overhaul transforms aging turbines into modern turbines using today’s technology to change all the major electrical components and electronic systems of the machines.
In the case of Medicine Bow, the turbines were upgraded to 650 kW and 710 kW machines, increasing the original rated power for the wind farm by approximately 7.5%. A variety of additional Life Extension upgrades are being applied to ensure additional profitable operation until service year 30. In addition, Gamesa will operate and maintain the wind complex for the next 15 years.
Gamesa initiated the upgrades in 2014. “The Medicine Bow project was very interesting because we knew our Overhaul and Life Extension products would significantly maximize returns for the owner,” said Philippe Delleville, Gamesa’s Vice President of Services for North America. “The project is a wonderful showcase for the practical application of these upgrade technologies and multi-technology capabilities. While Gamesa has implemented overhaul and life extension in Europe, Medicine Bow is the first wind farm where we deployed the programs in the U.S.”
Overhaul and Life Extension were highlighted in Gamesa’s recently released 2015-2017 business plan, as an important part of the successful expansion of Gamesa’s Service product offerings, and market presence in the United States.
“We are excited to work with Gamesa in the deployment of these innovative programs. Their expertise as an OEM and O&M provider gave Commonwealth Bay the necessary
assurances to enter into this unique long-term investment and relationship,” Ben Burkholz, Vice President of Commonwealth Bay, said.
Commonwealth Bay, the asset manager for MAEGI Fund I, L.P., immediately saw the value of investing in Medicine Bow and partnering with Gamesa. Sean R. Sullivan, Managing Director of Commonwealth Bay, views the Medicine Bow project as representing “a fundamental development in the US wind industry, whereby mature wind farms are reengineered to operate well beyond their originally projected useful life rather than executing a tear-down and re-power. Medicine Bow demonstrates the market’s demand to de-risk aging wind power assets and the power of innovation in meeting that demand.”
Commonwealth Bay financed the project through private equity and a commercial loan agreement with North Sky Alliance Fund and NewWorld Environmental Infrastructure L.P., arranged by GoldenSet Capital Partners.
Platte River Power Authority (PRPA) who led the initial Medicine Bow development in 1997 as one of the first commercial wind generation sites in the Rocky Mountain region, also expressed confidence in the value of the project. “We are very pleased that Commonwealth Bay will continue to invest in Medicine Bow,” said Jackie Sargent, general manager and CEO of PRPA. “We are proud to have played a leadership role in the revitalization process, and look forward to the continued benefits from the facility for Platte River and our member municipalities,” he added.