More than 1 GW of renewable energy projects were lapped up by investors in New York in an innovative auction where project developers and owners put up their projects to gauge investor interest in these assets. Winning bidders from the financial community and renewable energy investors secured an exclusivity period to narrow their purchase and process terms for 5 solar power and 2 wind power assets in mid- and late-stage development.
These projects include 4 Investment Tax Credit (ITC) eligible utility scale solar power projects in Michigan, Ohio, New Mexico and Texas with a combined capacity of 571 MW, and a community rooftop solar scheme in Washington DC. In the wind power category, 2 Production Tax Credit (PTC) qualified projects with 459 MW capacity in Texas and California were selected.
No financial commitments were made, but a number of agreements of high strategic value were confirmed at the Project Sales & Cocktails event co-hosted by FTI Capital Advisors, energy investment firm Akin Gump Strauss Hauer & Feld LLP, quality and risk management company DNV GL and public accounting firm Novogradac. It was hosted on the trading floor of the New York Stock Exchange (NYSE).
Identities of both bidders and developers weren't disclosed but FTI Capital Advisors said 150 senior leaders from the renewable energy industry including major IPPs, developers, project owners, sponsors, fund investors and lenders in the clean energy sector of the US participated in the event.
"This is the first time such a diverse group of prominent industry players from the energy and finance community has been brought together for an event like this on the floor of the New York Stock Exchange," said Regional President, Energy North America for DNV GL, Richard S. Barnes. "As an independent technical advisor at the center of the renewables industry, we see this as a way to move the market forward by creating new green investment opportunity and value for our customers."
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