NEW YORK, Oct. 2 /PRNewswire/ -- EverPower Renewables Corp.
("EverPower"), a developer of utility-grade wind projects, today announced
that it has closed a $55 million financing commitment from Good Energies, a
leading investor in the renewable energy industry. The investment will
support the development of EverPower's existing portfolio of wind
construction projects, help it expand its pipeline of new projects and
maintain the company's strong growth momentum. Management will maintain a
majority position in EverPower.
EverPower is currently developing more than 1.5GW of projects in seven
states. A portion of the proceeds from this investment will be utilized to
secure turbines for EverPower's Pennsylvania and New York projects totaling
130 megawatts. Construction of these projects is expected to commence next
year. The funding will also be used to advance development of six
additional projects in Pennsylvania and New York State where EverPower has
traditionally concentrated its development activities. EverPower has
furthermore announced that it will be opening a development office in
Portland, Oregon early next year to oversee the development of several
projects in Oregon and Washington State.
EverPower, which was founded in 2002, has traditionally focused its
Greenfield development activities in Pennsylvania-Jersey-Maryland and New
York Independent System Operators. Recently, it has expanded into the
Pacific Northwest and the Mid-Atlantic regions of the United States.
Earlier this month, EverPower was awarded a $3 million grant by the Ohio
Department of Energy for a large project that the company is developing in
"We are pleased to have Good Energies as our partner at this very
critical stage of our development," said Jim Spencer, EverPower's founder
and managing director. "We manage risk by understanding all facets of our
projects, and that is difficult to do if one is not a true Greenfield
developer. Greenfield development is the key to value creation and that is
what we like to do."
"EverPower has built a strong portfolio of wind projects across the
United States and one of the top teams in the wind development space," said
Jean- Louis Brenninkmeijer, a managing director at Good Energies and a
seasoned investor in the wind development industry. "We look forward to
working with the EverPower team to build a leading North American wind
About Good Energies:
Good Energies (www.goodenergies.com) is a leading investor in the
renewable energy industry, managing the renewable energies portfolio of the
COFRA Group, a privately owned group of companies. The current market
capitalization of its portfolio is more than $5.5 billion. Good Energies
places its emphasis on the interrelated business areas of solar energy,
wind energy, load management and green buildings. Good Energies operates
globally with offices in London, New York, Toronto, Washington D.C., and
Zug. The company invests in all life cycles of companies and pursues a
long-term investment approach. Good Energies is guided by the 3-P-principle
(3-Ps): people-planet-profit; being an investment firm it also aims to
accelerate energy transition and strives to alleviate poverty by improving
access to affordable renewable energy.
About EverPower Renewables:
EverPower Renewables (www.everpower.com) is a New York based developer
of utility grade wind projects. The Company seeks to identify or acquire
early stage development opportunities in the Northeastern and Mid Atlantic
Regions of the United States and in other select locations where EverPower
believes there is a strong strategic and investment rationale for pursuing
EverPower is primarily a green field developer. By identifying and
developing project sites from early stages EverPower seeks to manage the
inherent risks of project development and maximize value in the process.
SOURCE EverPower Renewables Corp.