WASHINGTON, June 24, 2021 /PRNewswire/ -- Verdant Microgrid, LLC, ("Verdant") a leading clean energy development company, today announces the completion of a $150 million exclusive financing agreement for the development of microgrid projects with ClearGen, LLC, a Blackstone Credit portfolio company.
Verdant develops, designs, builds and operates distributed generation projects for leading global commercial and industrial customers. Its projects comprise solar, energy storage, combined heat and power systems, backup generators and other technologies to provide comprehensive, alternative energy solutions to its customers that improve sustainability, enhance reliability, and reduce operating costs.
This new partnership with ClearGen enables projects to be owned by ClearGen and operated and managed by Verdant. Energy that is produced by the microgrids is sold to the customers under a long-term contract known as an "Energy Services Agreement."
This collaboration will address the growing market for on-site, distributed generation using multiple clean energy technologies. Most customers, including, but not limited to, those in such industries as hospitals, hotels, data centers, warehouses, industrials, and agriculture realize significant energy cost reductions along with dramatically improved sustainability and reliability from the installation of microgrids.
"This new partnership with ClearGen will accelerate the growth of our business across the country," said Robert Babcock, Co-Founder of Verdant. "The key to bringing cost effective, on-site generation using renewable and other clean technologies to our target market is to integrate our designs with robust operators and financiers. This deal is a leap forward for the microgrid industry."
Verdant has established a growing pipeline that is currently more than $500 million in projects, with more than $50 million planning construction within the next 9 months. ClearGen will work with Verdant to bring Blackstone and third-party capital to fund projects that meet the partnership's investment criteria. ClearGen's initial commitment encompasses $150 million.
"Our partnership with Verdant adds an important dimension to ClearGen's capabilities. Verdant's pipeline and ability to deliver results to customers, coupled with ClearGen's access to capital, sets the groundwork for a highly productive relationship," said Rob Howard, CEO of ClearGen.
Verdant Microgrid, LLC was founded in 2019 by energy industry experts who have deployed and operated over 30 gigawatts of clean power generation over the last 30 years. Formed specifically to address the commercial and industrial market, Verdant develops, builds, owns and operates microgrids ranging from 500 kilowatts to 50 megawatts and utilizing solar, energy storage, advanced CHP and other clean technologies as a unified on-site energy source.
ClearGen, in partnership with Blackstone, works with partners to deliver efficient and reliable energy infrastructure to consumers. By combining smart and flexible financing with unmatched industry expertise, ClearGen brings capital to projects that deliver results and make the world a cleaner place.
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