8minute Solar Energy (“8minute”) today  announced  that  it  has  closed  $400  million  in  financing  from  EIG,  a  leading  institutional  investor in the global energy and infrastructure sectors. The financing agreement includes a portion of growth equity and a letter of credit. R. Blair Thomas, EIG’s Chairman and CEO, will join 8minute’s Board of Directors.

This strategic fundraise will help 8minute continue to operate and grow its attractive portfolio of clean  energy  assets,  which  includes  more  than  18  gigawatts  (GW)  of  solar  capacity  and  24  gigawatt hours (GWh) of storage throughout California, Texas, and the southwestern United States—enough energy to provide power for 20 million people. Importantly, this investment will enable 8minute to focus on technology innovation and advanced solar plant design, and to begin building projects on its own balance sheet.

“This strategic fundraise is not only a resounding vote of confidence in 8minute from a global energy investor that shares our vision for a zero carbon future, but also an important signal that the private sector recognizes the immediate need for more reliable, resilient and low cost climate solutions,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute. “With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success.”

Since  1982,  EIG  has  been  a  leading  institutional  investor  to  the  global  energy  sector  and  is  committed to supporting the global clean energy transition. With more than $8.4 billion deployed in  sustainable  and  renewable  energy  to  date,  EIG  has  paved  a  path  for  robust  corporate  investments in renewable energy and infrastructure.

“8minute is a clear leader in the industry and possesses the best in class team, technical prowess and  integrated  design  approach  needed  to  make  a  clean  energy  future  a  reality,”  said  R.  Blair  Thomas, EIG’s Chairman and CEO. “We’re thrilled to be able to help fuel long term, sustained growth for 8minute and remain committed to supporting the company’s new ventures and future endeavors.”

8minute has one of the largest pipelines of solar power plants with integrated energy storage in the United States, including more than 50 utility scale projects in various stages of development, with  a  typical  project  size  of  400  MW.  The  company’s  unique  combination  of  development,  execution and technology has led 8minute to set new industry records on cost, scale and reliability. This includes the Eland Solar & Storage Center, which will deliver solar, day and night, to the cities of Los Angeles and Glendale at record low costs.

ABOUT 8MINUTE SOLAR ENERGY

As a record breaking, unrivaled technology leader, 8minute Solar Energy (8minute) is championing the clean energy transition in the United States and shaping the future of energy through its next generation of smart solar power plants. Since its founding in 2009, 8minute has successfully put 2 GW of solar projects in operation and currently has over  18  GW  of  solar  and  24  GWh  of  energy  storage  projects  under  development.  By  prioritizing  technology  and  engineering innovation, 8minute’s best-in-class team has continued to set new industry records: developing the largest solar plant in the nation starting in 2011, delivering the first operational solar plant in the U.S. to beat fossil fuel prices in 2016, and securing a deal to deliver solar with storage at record low prices in 2019. Now one of the largest  solar  developers  in  the  country  with  an  established  track  record  of  delivering  above market  profitability,  8minute’s relentless pursuit of smart energy generation is unlocking growth and expanding access to affordable and reliable clean energy. For more information, visit www.8minute.com, and follow 8minute on Twitter and LinkedIn.

ABOUT EIG

EIG is a leading institutional investor to the global energy sector with $22.6 billion under management as of September 30, 2021. EIG specializes in private investments in energy and energy related infrastructure on a global basis. During its 39-year history, EIG has committed over $39.0 billion to the energy sector through 378 projects or companies in 38 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.