8minute Solar Energy (\u201c8minute\u201d) today\u00a0 announced\u00a0 that\u00a0 it\u00a0 has\u00a0 closed\u00a0 $400\u00a0 million\u00a0 in\u00a0 financing\u00a0 from\u00a0 EIG,\u00a0 a\u00a0 leading\u00a0 institutional\u00a0 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\u2019s Chairman and CEO, will join 8minute\u2019s Board of Directors.<\/p>\n
This strategic fundraise will help 8minute continue to operate and grow its attractive portfolio of clean\u00a0 energy\u00a0 assets,\u00a0 which\u00a0 includes\u00a0 more\u00a0 than\u00a0 18\u00a0 gigawatts\u00a0 (GW)\u00a0 of\u00a0 solar\u00a0 capacity\u00a0 and\u00a0 24\u00a0 gigawatt hours (GWh) of storage throughout California, Texas, and the southwestern United States\u2014enough 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.<\/p>\n
\u201cThis 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. \u201cWith EIG\u2019s investment, we further solidify our role as a clean technology leader and become the leading technology provider of \u2018smart\u2019 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.\u201d<\/p>\n
Since\u00a0 1982,\u00a0 EIG\u00a0 has\u00a0 been\u00a0 a\u00a0 leading\u00a0 institutional\u00a0 investor\u00a0 to\u00a0 the\u00a0 global\u00a0 energy\u00a0 sector\u00a0 and\u00a0 is\u00a0 committed to supporting the global clean energy transition. With more than $8.4 billion deployed in\u00a0 sustainable\u00a0 and\u00a0 renewable\u00a0 energy\u00a0 to\u00a0 date,\u00a0 EIG\u00a0 has\u00a0 paved\u00a0 a\u00a0 path\u00a0 for\u00a0 robust\u00a0 corporate\u00a0 investments in renewable energy and infrastructure.<\/p>\n
\u201c8minute is a clear leader in the industry and possesses the best in class team, technical prowess and\u00a0 integrated\u00a0 design\u00a0 approach\u00a0 needed\u00a0 to\u00a0 make\u00a0 a\u00a0 clean\u00a0 energy\u00a0 future\u00a0 a\u00a0 reality,\u201d\u00a0 said\u00a0 R.\u00a0 Blair\u00a0 Thomas, EIG\u2019s Chairman and CEO. \u201cWe\u2019re thrilled to be able to help fuel long term, sustained growth for 8minute and remain committed to supporting the company\u2019s new ventures and future endeavors.\u201d<\/p>\n
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\u00a0 a\u00a0 typical\u00a0 project\u00a0 size\u00a0 of\u00a0 400\u00a0 MW.\u00a0 The\u00a0 company\u2019s\u00a0 unique\u00a0 combination\u00a0 of\u00a0 development,\u00a0 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.<\/p>\n
ABOUT 8MINUTE SOLAR ENERGY <\/strong><\/p>\n 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\u00a0 18\u00a0 GW\u00a0 of\u00a0 solar\u00a0 and\u00a0 24\u00a0 GWh\u00a0 of\u00a0 energy\u00a0 storage\u00a0 projects\u00a0 under\u00a0 development.\u00a0 By\u00a0 prioritizing\u00a0 technology\u00a0 and\u00a0 engineering innovation, 8minute\u2019s 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\u00a0 solar\u00a0 developers\u00a0 in\u00a0 the\u00a0 country\u00a0 with\u00a0 an\u00a0 established\u00a0 track\u00a0 record\u00a0 of\u00a0 delivering\u00a0 above market\u00a0 profitability,\u00a0 8minute\u2019s 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.<\/p>\n