Portsmouth, NH – Great Bay Renewables, LLC (“Great Bay”) has announced the launch of an “open season” to allocate its available interconnection security capacity for refundable deposits in MISO and PJM. Great Bay has allocated over $100 million to this initiative and will be taking requests for the upcoming MISO M2/M3 and PJM RD2 security deposits through December 20, 2024. For more information, contact Zach Farrar at zfarrar@greatbayrenewables.com
The rising demands for interconnection security represent a major challenge for developers looking to advance their projects and expand their portfolios. With MISO’s 2022, 2023, and 2024 cycles, along with PJM’s Transition Cycle 2 and New Cycle 1 necessitating interconnection security deposits in 2025, developers are facing a wave of near-term interconnection queue deposits.
To address these challenges, Great Bay has worked for more than two years to build partnerships with capital providers, banks, and ISOs to create a unique and cost-effective offering for its renewable developer relationships. The initial capacity commitments will be allocated based on the proposed capital needs of each respective developer’s pipeline for purposes of the upcoming MISO M2 and M3 deposits, and PJM RD2 deposits.
Frank Getman, the CEO of Great Bay, commented, “Financial security deposits for interconnection queues now represent one of the largest impediments to renewable energy development. We have been working tirelessly to craft a solution to address this ever-growing need. We are excited to introduce this innovative and flexible product to the market and expect strong demand for Great Bay’s solution. We look forward to working with strong teams with high quality projects to continue to advance and accelerate the energy transition.”