Redeux Energy Partners, a utility-scale solar and storage project developer, announced the sale of a 450 MW solar project portfolio to Pine Gate Renewables, a solar project developer. The portfolio comprises three projects located in the Midcontinent Independent System Operator (MISO) South energy market.
The MISO energy market is experiencing strong demand for renewables driven by utility decarbonization goals and commercial and industrial load growth. This is the first transaction from an eleven-project, multi-state 1.7 GW portfolio brought to market in late 2023 and represented by Marathon Capital, Redeux’s lead financial sponsor.
“Redeux Energy developed turnkey assets that will be competitive additions to our growing MISO pipeline,” said Andrew Vietze, Senior Vice President for Mergers and Acquisitions at Pine Gate Renewables. “The Redeux and Marathon teams were a pleasure to work with and we look forward to future business opportunities with both partners.”
The acquired projects support Pine Gate’s operational portfolio and development pipeline.
Redeux Energy is stated to have a project pipeline totaling approximately 7 GW solar and 7 GWh energy storage capacity spread across the Electric Reliability Council of Texas (ERCOT), MISO, SERC Reliability Corporation (SERC), and the Western Electricity Coordinating Council (WECC) energy markets.
“This sale is a tremendous milestone for Redeux Energy to achieve, validating both the quality of our projects and the market demand from top-tier owner-operators,” said William Harrison, CEO of Cathexis Holdings, the company’s largest shareholder. “We are thrilled with progress to date and looking forward to continued growth and additional portfolio sales.”
According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Recently, Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar announced the completion of the sale of its 49.9 MW Middle Road solar project in Harbury, Warwickshire, U.K. Centrica Business Solutions, an integrated energy solutions company, acquired the project.
