Forum to provide development capital and construction equity financing for the rapid and systematic advancement of NEP's Photovoltaic Solar Generated Systems pipeline
TORONTO, Nov. 16, 2016 /PRNewswire/ -- National Energy Partners ("NEP") and Forum Equity Partners ("Forum") announced today that they had signed an agreement in which Forum will provide up to $15 million in growth financing for NEP, a leading developer of distributed Photovoltaic Solar Generation Systems for commercial and municipal customers. Under the agreement, Forum will provide development capital and construction equity financing for NEP's rapidly growing portfolio of solar projects, including ground mount and rooftop installations. The innovative investment structure developed by Forum with NEP allows for the quick advancement of NEP's pipeline of development and construction Photovoltaic Solar Generated Systems.
"We are delighted to be entering into this partnership with NEP to support its rapid growth and advancement of its portfolio of solar projects," said Richard Abboud, Chief Executive Officer of Forum Equity Partners. "Forum is committed to partnering with leading developers in the renewable energy sector to provide development capital and construction equity solutions necessary to help finance growth. We are delighted to be working with NEP's outstanding team on this important partnership."
"With this significant investment commitment from Forum, NEP can systematically pursue the rapid development of our pipeline of distributed Photovoltaic Solar Generation Systems," said Jeremy Conner, Chief Executive Officer of National Energy Partners. "NEP is at the forefront of commercial and municipal distributed solar markets, delivering savings and efficiencies to businesses, schools and communities. Partnering with Forum, we are now well-positioned to continue expanding and pursuing a number of exciting projects across our core markets."
Forum is a privately owned alternative investment management and principal investment firm with a focus on infrastructure, renewable energy, and real estate. The Company continues to deliver a cumulative return on invested capital in the top 1% of alternative asset managers and oversees approximately $1.3 billion of assets under management. Over the last 20 years, Forum has acquired, sold, developed, or bid on a committed financing basis over $3 billion of assets.
Headquartered in Lindenwold, New Jersey, NEP works with leading public and private sector companies to provide cost-efficient and clean on-site energy solutions by developing and installing PV solar projects. NEP has been a preeminent developer of distributed PV solar systems since 2009. The company has built a market leading position in its core geographies and a reputation for excellence among its counterparties and customers, including leading businesses and the U.S. government.
About Forum Equity Partners
Forum Equity Partners is a privately owned alternative investment management and development firm with a focus on assets in renewable energy, infrastructure and real estate. Headquartered in Toronto, Ontario with additional offices in San Francisco and Vancouver, and $1.3 billion in assets under management Forum is committed to achieving aggressive growth through its investment in rapidly emerging new markets and industries with innovative, new investment approaches and programs.
About National Energy Partners, LLC
National Energy Partners is a nationally renowned solar energy development company dedicated to bringing clean, renewable energy to businesses. They develop, finance, build, operate and maintain photovoltaic energy systems for a variety of customers to help them defray soaring energy costs and increase usage of environmentally friendly resources. Visit www.nepsolar.com for more information.
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SOURCE Forum Equity Partners