Portsmouth, NH (March 10, 2020) – Great Bay Renewables, Inc. (“Great Bay”) is pleased to announce that it has received its third renewable energy royalty, and its first related to a solar energy project, under the royalty financing agreement that it announced early in 2019 with Tri Global Energy (“TGE”).
The announcement issued by TGE on March 9, 2020, is as follows:
Tri Global Energy Announces Sale of Texas Solar Project to Silverpeak
Dallas (March 9, 2020) – Tri Global Energy, a leading developer of renewable energy, today announced an agreement to sell the 180-megawatt Flatland Solar project to Silverpeak, an alternative investment firm focused on real estate, energy and credit. Tri Global Energy will maintain its role as lead developer through project financing and construction. As this is now the second venture completed between Silverpeak and Tri Global, the partnership anticipates more successful joint projects in the future.
Flatland Solar is Tri Global Energy’s first solar project in development in Texas, and this represents the latest milestone for the company to enable the construction and operation of the project. Located in Scurry County, Texas, nearly 100 miles south of Lubbock, Texas, Flatland Solar is a 950-acre secured site, expected to break ground later this year. Nearly 690,000 solar panels will be installed as part of the construction process with expansion possible during later phases. The energy generated from Flatland Solar will be delivered to the ERCOT grid.
“As our first utility-scale solar energy project, Flatland Solar represents a significant milestone for us as a developer of clean energy projects,” said John Billingsley, Chairman and CEO of Tri Global Energy. “We’re pleased to share this achievement with Silverpeak, an outstanding company which shares our mission for creating renewable energy solutions.”
“Flatland Solar adds diversity to our growing portfolio of renewable energy assets and benefits from the high insolation level in West Texas, which is among the highest in the U.S.,” said Santosh Raikar, Head of Silverpeak’s Renewables group. “This transaction further bolsters our relationship with Tri Global, and we look forward to working with them closely to successfully complete the project.”
Congressman Jodey Arrington (R-Texas) represents Scurry County as part of his Congressional District 19. “West Texas has long been known for its vast oil and gas resources. However, renewable energy projects like Flatland Solar are helping the Lone Star State diversify its energy sources, strengthen America’s energy independence and further its role as the leader in both conventional and renewable energy,” said Congressman Arrington.
Great Bay Renewables, a subsidiary of Altius Renewable Royalties, has provided royalty financing in support of Tri Global Energy completing project development.
About Tri Global Energy
Tri Global Energy is an independent renewable energy originator and developer in the U.S. The company is a leading wind developer in Texas and is among the top five in the U.S. for projects under construction. Nearly 3,500 megawatts of Tri Global’s development projects are either in financing, construction or operation, including wind, solar and energy storage projects.
Founded in 2009, Tri Global Energy’s mission is to improve communities through local economic development generated by originating and commercializing renewable energy projects. The company currently develops and owns utility-scale wind and solar energy projects in Texas, Nebraska, Illinois, Indiana and Virginia. Tri Global is headquartered in Dallas with regional development offices in Lubbock, Texas; El Paso and Forreston, Illinois and Hartford City, Indiana. For more information, visit www.triglobalenergy.com.
About Silverpeak Renewables Investment Partners
Silverpeak is an alternative investment management firm focused on creating long-term value in three specific sectors: real estate, energy and credit. The firm’s sector-focused platform includes more than 100 employees who have invested in over $19 billion in gross asset value since the firm’s founding in 2010. Silverpeak’s Renewables group invests in power projects employing established renewable energy technologies, including wind, solar and energy storage. Further information is available at www.silverpeak.com.
About Great Bay Renewables
Great Bay provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. Great Bay’s management team has extensive experience in renewable energy development, financing and operations across a range of renewable technologies located throughout the United States. Great Bay is a subsidiary of Altius Renewable Royalties Corp. Learn more about Great Bay at greatbayrenewables.com or follow us on LinkedIn.
For further information, please contact:
Frank Getman, President and CEO, Great Bay Renewables
fgetman@greatbayrenewables.com | 603.661.5052