June 12, 2024

Redeux Energy Sells 450-MW US Solar Portfolio

Redeux Energy Partners LLC (Redeux Energy), a prominent developer of utility-scale solar and energy storage, announced the sale of a 450 MWdc project portfolio to Pine Gate Renewables, a leading developer and owner-operator of utility-scale solar and energy storage projects in the U.S.

The Portfolio Includes Three Projects in the MISO

The portfolio consists of three projects situated in the MISO South energy market, where there has been a rise in demand for renewable energy.

MISO is witnessing robust demand for renewables, propelled by utility decarbonization objectives alongside growth in commercial and industrial loads. These factors influenced Redeux Energy's development of the MISO South project portfolio, leveraging the company's top-tier development team and comprehensive in-house capabilities.

Rob Masinter, Chief Executive Officer of Redeux Energy, said, "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. This transaction demonstrates that the scale and quality of projects we are delivering are in harmony with the requirements of both leading IPPs globally and local landowners and communities."

Andrew Vietze, Pine Gate Renewables' Senior Vice President for Mergers and Acquisitions, said,
"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 Acquired The 450 MW Solar Portfolio

The 450-MW project portfolio was acquired by Pine Gate Renewables. The acquired projects support Pine Gate's industry leading operational portfolio and development pipeline.

Pine Gate Renewables, established in 2016, is a developer and owner-operator of utility-scale solar and energy storage projects nationwide. Committed to pioneering clean energy solutions, Pine Gate boasts significant expertise in developing, financing, constructing, and operating solar and energy storage facilities. As a respected industry leader and trusted partner, Pine Gate manages a portfolio of over 100 operational solar facilities, totaling more than two gigawatts (GW) of installed capacity, with an additional 30 GW in various stages of development.

First Deal From a 1.7 GWdc Portfolio

This marks the first transaction from an eleven-project, multi-state 1.7 GWdc portfolio introduced to the market in late 2023 and managed by Marathon Capital. Redeux Energy intends to unveil additional multi-gigawatt portfolios annually, capitalizing on its systematic development approach, robust toolkit, and leadership team. Established in early 2021 and headquartered in Denver, Colorado, Redeux Energy boasts a project pipeline of approximately 7 GW and 7 GWh of solar and storage capacity across the ERCOT, MISO, SERC, and WECC energy markets. Redeux Energy also recently unveiled plans to raise capital to accelerate its expansion.

“This sale represents a significant milestone for Redeux Energy, affirming the excellence of our projects and the market demand from premier owner-operators. We are excited about our achievements thus far and eagerly anticipate sustained growth and further portfolio sales in the future." William Harrison, CEO of Cathexis Holdings, the company's primary shareholder stated.

Director at Marathon Capital, Sarah Nash, said "Redeux has leveraged an impressive, structured development process to seize the increasing demand for renewables within the MISO market. Positioned strongly for continued growth, Redeux presents exciting prospects for collaboration on future opportunities."

The success of this sale underscores the market's recognition of Redeux Energy's projects' quality and the company's ability to meet the needs of premier owner-operators. Redeux Energy aims to accelerate its expansion through capital-raising initiatives and anticipates sustained growth and future portfolio sales.

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