Geronimo Energy Expands Partnership with BHE Renewables
MINNEAPOLIS, March 3, 2016 /PRNewswire/ -- Geronimo Energy, LLC ("Geronimo") is pleased to announce the sale of its second portfolio of Minnesota Community Solar Garden developments ("the Portfolio") to BHE Renewables, LLC ("BHE Renewables"), one of the most recognized names in the renewable energy industry, and a subsidiary of Berkshire Hathaway Energy.
Included in the Portfolio is a total of 66 megawatts ("MW") of solar garden projects spread across 21 locations and 16 Minnesota counties, which will be constructed by the end of 2017.
This acquisition is in addition to a previously purchased portfolio of Geronimo-developed community solar gardens by BHE Renewables, bringing the total combined portfolio size to nearly 100 MW. These projects will deliver substantial economic impact for both the local and state economies, including funds from additional tax revenue, landowner payments and other contributions to the local community, as well as the creation of both part-time and full-time permanent local jobs. Combined, both portfolios are estimated to reduce carbon dioxide (CO2) emissions by 2.5 million metric tons over 25 year of operation.
Both portfolios are part of Xcel Energy's Solar* Rewards Program, and Geronimo has been and will continue to provide development services for BHE Renewables (including subscription acquisition) for both solar garden portfolios. Current publicly announced subscribers include, but are not limited to: St. Paul Public Housing Agency, St. Olaf College, District Energy St. Paul, Andersen Corporation, the Metropolitan Council and Saint John's University. Subscribers in the portfolio enjoy guaranteed electric bill savings over the life of their subscription agreement. The portfolios' subscribers span a variety of industries and geographic locations within Minnesota and include non-profits, colleges and universities, corporations, government agencies and residential units. Presently, the portfolios serve residential customers through executed subscriptions with non-profit, education and government organizations, which together make up nearly half of the portfolios' subscription base.
"We are pleased to expand our partnership with BHE Renewables," says Geronimo Energy President, Blake Nixon. "Geronimo looks forward to continuing to grow our relationship with BHE Renewables through our work in Community Solar Garden programs and deliver on our promise to positively impact rural economies, specifically here in our home state of Minnesota."
"BHE Renewables is pleased to invest in the Community Solar Garden program in Minnesota and broadening its relationship with Geronimo Energy," said Richard Weech, president of BHE Renewables International. "Offering subscriptions to local energy customers gives them access to the benefits of solar energy, including helping them save money on their electric bills. It also reflects our commitment to growing the renewable energy industry in Minnesota beyond our initial 32 MW of solar gardens currently under development."
About Geronimo Energy
Geronimo Energy is a utility-scale renewable energy development company headquartered in Minneapolis, Minnesota. Geronimo has developed multiple operating wind farms and solar projects throughout the United States. Over 1,400 megawatts of Geronimo-developed renewable energy projects will be under construction or operational by the end of 2016. Geronimo provides custom renewable energy development solutions for utilities and corporations looking to harness renewable energy for business growth. For more information about Geronimo Energy, visit www.geronimoenergy.com.
About BHE Renewables
BHE Renewables is a wholly-owned subsidiary of Berkshire Hathaway Energy and headquartered in Des Moines, Iowa. Since 2012, BHE Renewables has invested extensively in solar, wind, geothermal and hydro projects. As a long-term owner of assets, the company's photovoltaic solar projects include the 550-megawatt Topaz Solar Farms in San Luis Obispo County, Calif.; the 579-megawatt Solar Star projects, two projects co-located in Kern and Los Angeles counties in California, and a 49 percent ownership interest in the 290-megawatt Agua Caliente project in Yuma County, Ariz. More information is available at www.bherenewables.com.
Contact:
Lindsay T. Smith
Geronimo Energy
7650 Edinborough Way, Suite 725
Edina, MN 55435
Corporate: (952) 988-9000
Subscription Information: (612) 259-3091
SOURCE Geronimo Energy
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