Redeux Energy Sells 450-MW US Solar Portfolio

In a significant transaction for the U.S. renewable energy sector, utility-scale solar and storage developer Redeux Energy Partners LLC has completed the sale of a 450 MWdc solar portfolio to Pine Gate Renewables, a prominent developer and owner-operator of clean energy projects. The deal, announced around June 10, 2024, encompasses three solar projects situated in the MISO South energy market.

This sale represents the inaugural transaction from a larger, 11-project, multi-state portfolio totaling 1.7 GWdc that Redeux Energy, with Marathon Capital as its exclusive financial advisor, introduced to the market in late 2023. The projects are strategically located to capitalize on the MISO South region’s increasing demand for renewable power, a trend driven by utility decarbonization initiatives and expanding commercial and industrial electricity needs.

Andrew Vietze, Senior Vice President for Mergers and Acquisitions at Pine Gate Renewables, praised the acquisition, stating, “Redeux Energy developed turnkey assets that will be competitive additions to our growing MISO pipeline. The Redeux and Marathon teams were a pleasure to work with, and we look forward to future business opportunities with both partners.” Pine Gate Renewables, established in 2016, currently manages an operational portfolio exceeding 2 GW across more than 100 solar facilities and has a development pipeline of over 30 GW.

For Redeux Energy, a Denver-based firm founded in 2021, the deal validates its development strategy. “Redeux Energy was established to site and develop high-quality utility-scale solar and battery storage projects, helping meet the growing deployment goals of leading Independent Power Producers (IPPs) like Pine Gate,” commented Rob Masinter, Chief Executive Officer of Redeux Energy. The company has rapidly built a substantial project pipeline of approximately 7 GW of solar and 7 GWh of storage capacity across the ERCOT, MISO, SERC, and WECC markets.

The transaction’s success was highlighted by stakeholders, including Redeux’s primary shareholder. “This sale represents a significant milestone for Redeux Energy, validating the quality of our projects and the market demand from premier owner-operators,” said William Harrison, CEO of Cathexis Holdings. “We are excited about our achievements so far and look forward to continued growth and future portfolio sales.”

Marathon Capital, which advised Redeux, also noted the developer’s strategic approach. “Redeux has used an impressive, structured development process to meet the rising demand for renewables within the MISO market,” said Sarah Nash, a Director at Marathon Capital. “The company is well-positioned for continued growth, and we see exciting opportunities for future collaboration.” Redeux plans to bring additional multi-gigawatt portfolios to market annually and is exploring raising capital to accelerate its expansion.

Sources on Redeux Energy Sells 450-MW US Solar Portfolio

1. Marathon Capital Advises Redeux Energy on Sale of 450 MW Solar…
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