Sandbrook Capital is investing up to $460m (€425m) to help US renewables firm rPlus Energies progress with its energy generation and storage projects pipeline.
Sandbrook said it is investing the capital alongside rPlus Energies’s founding investor Gardner Group to help bring 1GW of “shovel-ready generation and storage online in the near term, while advancing the balance of the pipeline through commercialisation”.
Salt Lake City-based rPlus Energies has a 15GW pipeline of solar, wind, battery and pumped-storage hydropower projects.
Carl Williams, co-founder and partner at Sandbrook Capital, said: “We believe rPlus has built one of the strongest development, construction and operations teams in North America, as evidenced by their advanced portfolio of high-quality projects.
“Sandbrook’s investment in rPlus underscores our commitment to accelerating the decarbonisation of the US grid in partnership with entrepreneurs who embody environmental stewardship, innovation and grit.”
Luigi Resta, president and CEO of rPlus Energies, said: “From the outset, it was evident that we share an execution-oriented and community-minded approach to business and project development.
“The expertise, commitment and drive of the Sandbrook team, coupled with the Gardner Group’s continued leadership, will play a pivotal role in steering substantial growth as rPlus makes a strategic transition to own-and-operate for the long term.”
Christian Gardner, chairman and CEO of the Gardner Group, said: “This transaction is more than an investment; it is a shared vision that will undoubtedly propel us to the next level, enabling us to make substantial positive change in renewable energy.”
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