Good Energies: SolarReserve Closes Funding to Develop Solar Energy Projects
• Citi’s Sustainable Development Investments and Good Energies lead second round of financing, joined by US Renewables Group, PCG Clean Energy & Technology Fund, Nimes Capital, LLC and Credit Suisse’s Customized Fund Investment Group.
• Funding will support the development of large scale solar energy projects in the US and internationally, each project capable of providing electricity for up to 100,000 homes.
• United Technologies Corp. subsidiary Hamilton Sundstrand and its Rocketdyne division has provided SolarReserve with the exclusive worldwide license for its breakthrough solar energy technology.
• SolarReserve power plants utilize molten salt for energy collection and storage which enables continuous electricity supply for 24 hours per day or customized to meet peak electricity demand.
SolarReserve, a developer of utility scale renewable energy solar power plants, announced today that it has closed a second round of funding totaling US$140 million. The additional funds will enable the company to advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations across the globe, each ranging in size from 50MW to 300MW. The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, one of the largest private investors in the solar industry. Other investors include US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy & Technology Fund (CETF), Nimes Capital, LLC and Credit Suisse.
“Our investment in SolarReserve is part of Citi’s continued commitment to address climate change,” stated Citi’s R. Andrew de Pass, Managing Director and Head of SDI. “The technology backing by United Technologies Corp. and the ability of the system to store energy differentiates SolarReserve from other alternative technologies and has the ability to replace conventional fuel burning power plants.”
“SolarReserve possesses the leading utility scale, solar thermal technology as well as a world class development team to bring this technology to the market,” stated John Breckenridge, Managing Director for Good Energies. “This additional funding provides SolarReserve with the financial resources to aggressively pursue the expanding market for large scale solar energy projects. Good Energies is excited to bring SolarReserve financial support and access to our global renewable energy network.”
SolarReserve is a Santa Monica, California based energy company that holds the exclusive worldwide license to the market leading molten salt power tower solar technology developed by the Rocketdyne division of Hamilton Sundstrand, a wholly-owned subsidiary of United Technologies Corp. SolarReserve is developing power plants that generate electricity from the sun’s heat. These solar thermal power plants can capture the sun’s thermal energy, store that energy in molten salt and then transform that heat into steam-driven turbines that generate fully dispatchable electricity. The molten salt is heated by concentrating the sun’s energy, via thousands of heliostats (or mirrors), on to a central receiver and is so efficient that the energy can be stored for use during times when direct sunlight is unavailable, allowing for 24-hour-a-day power availability. The system is completely self-sustaining and emissions free – no fossil fuels are required.
“We’re turning the sun into the solution,” said Terry Murphy, President and Chief Executive Officer for SolarReserve. “Our facilities are engineered by the same team at Rocketdyne that built the Space Station power systems, the Space Shuttle main engines and the Apollo moon rocket propulsion systems. The molten salt power tower was thoroughly validated by the Department of Energy at the Solar Two pilot plant and it’s ready for worldwide deployment.”
According to Dr. J. Michael McQuade, Senior Vice President, Science & Technology at United Technologies Corp., which is among the largest technology companies in the world: “This technology is indeed proof that we can provide sustainable, clean energy from our world’s most truly renewable source: the sun, and is an exciting example of United Technologies’ commitment to a greener future.”
SolarReserve was formed by US Renewables Group, a private equity firm focused exclusively on renewable energy. SolarReserve now holds the exclusive worldwide license to build state-of-the-art Solar Thermal Electric Generation (STEG) plants that use equipment manufactured and guaranteed by United Technology Corp. subsidiary, Hamilton Sundstrand through its Rocketdyne division. More than $100 million has been invested to date by Rocketdyne, the US Department of Energy and others in the design and manufacture of these components. Hamilton Sundstrand brings a broad base of experience in building the most reliable power systems in the world and supports a multitude of other programs to support the further development and implementation of the technology.
The SolarReserve team, both solely and in cooperation with other energy firms, is developing a portfolio of opportunities to deploy solar energy plants in the United States, Europe, Africa, the Middle East, Latin America and Australia. For more information about SolarReserve, please visit www.solar-reserve.com. The SolarReserve management team has successfully developed more than $7 billion in electricity generation projects at previous companies. This includes solar and wind energy projects as well as natural gas, oil, and biomass-fired electricity generating facilities located in the United States and more than a dozen countries around the world.
About Good Energies
Good Energies is a leading global investor in renewable energy and energy efficiency. The firm invests in solar, turbine-based renewables, green building technologies and other emerging areas within clean energy. Good Energies is guided by the "3-P" principle of People-Planet-Profit and looks for meaningful, long-term investments in companies with outstanding growth potential. The firm was established to help drive the global transition to a low-carbon economy and, in the developing world, to support poverty alleviation through energy access.
Good Energies, founded in 2001, manages the renewable energy portfolio of COFRA, a family owned and managed group. It operates globally from offices in London, New York, Toronto, Washington, D.C., and Zug with an annual investment budget of EUR 350 million (US$500 million) and a current portfolio market capitalization of more than EUR 4 billion (US$6 billion) (www.goodenergies.com).
Dr. Alexander Rohde
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Good Energies – European Media Contact
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Good Energies – United Kingdom Media Contact
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