Solar and storage developer Bridgelink Development (BLD) has signed a binding letter of agreement (LOA) for a business combination with green energy technology company Bitech Technologies Corporation. They plan to advance BLD's portfolio of 5.8 GW utility-scale solar and storage projects in the US.
It includes 3.84 GW of utility-scale solar projects along with 1.965 GW of battery energy storage systems (BESS). These facilities will be located in Texas, Arizona and Louisiana, among other locations.
Bitech has also announced successful pre-negotiated financing of a significant investment amount towards the pipeline and the establishment of a joint venture (JV) with an undisclosed larger infrastructure group.
Both the companies plan to continue the development of projects by utilizing a share subscription agreement for up to $250 Million, committed Letter of Intent for a late-stage BESS project near Houston for up to $100 Million, as well as securing the sale of the Incentive Tax Credits (ITC), stated the duo.
"By joining forces, we aim to advance Bridgelink's impressive pipeline of solar and energy storage projects while navigating the complexities of project development together," said Bitech Chairman and CEO, Benjamin Tran. "Our collective strengths and expertise will allow us to bring these projects to completion efficiently, delivering tangible benefits to our stakeholders and the communities we serve."
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