BluEarth Acquires Seven Solar and Wind Projects of 1 GW Capacity in the US
The company’s development pipeline stands at 7 GW
March 23, 2023
BluEarth, an independent renewable power producer, has acquired a group of seven wind and solar projects in the U.S. from the renewable energy developer Ozone Renewables.
The projects, with a total capacity of about 1 GW, are located in the states of Ohio, Oklahoma, Washington, and Oregon.
The deal marks BluEarth’s second acquisition from Ozone.
BluEarth’s growing development pipeline now totals over 7 GW of wind, solar, and storage projects in its expanding development portfolio.
In 2022, BluEarth acquired 2 GW of development projects located in Pennsylvania, Missouri, Ohio, Colorado, and Nevada, in addition to various greenfield projects.
Currently, the company is constructing nearly 200 MW of new projects in Alberta, and the 280 MW Two Rivers Wind Project in Wyoming is expected to begin construction in 2023.
BluEarth will develop the acquired projects through a development services agreement with Pivot Power Management (Pivot) which is expected to bring expertise in these markets.
“We are excited to grow our development portfolio with the addition of these projects, which are well positioned in key markets across four states,” said Grant Arnold, President and CEO of BluEarth.
Arnold added this combination of projects fits well into BluEarth’s strategic growth plans.
“We are happy to expand our partnership with BluEarth through this acquisition and confident that our collaboration will continue to deliver successful projects,” said Nick Henriksen, VP of Greenfield Development for Pivot.
“Ozone is proud to have originated and delivered a meaningful development portfolio to BluEarth…we are aligned with BluEarth’s mission to accelerate the deployment of high-quality renewable energy assets in North America and appreciate the opportunity to play a key role,” said Larry Seiler, Head of Development for Connecticut-Based Ozone Renewables.
In July 2022, BluEarth acquired the solar and wind project in Colorado from NorthRenew Energy, a US-based renewable and sustainable project developer. The project, located in Kiowa and Cheyenne counties, is expected to be developed in multiple phases of new solar and wind generation.
Last October, Pivot Energy secured $100 million in debt financing for its renewable energy projects from Fundamental Renewables, an investment arm of Fundamental Advisors. Fundamental Renewables provided a $100 million revolving development loan facility to Pivot Energy, funding a diverse range of solar and storage projects across the U.S.