Macquarie Sees Funding More Renewables After 8minutenergyEhren Goossens
Macquarie Group Ltd. expects to finance three to four renewable energy projects over the next 18 months after providing as much as $30 million for an 8minutenergy Renewables LLC solar farm in southern California.
Macquarie Capital, a unit of Australia’s largest investment bank, is evaluating late-stage projects, Michael Allison, managing director in New York, said today in an interview.
“We don’t necessarily have a target, but I could see us doing three or four more of these deals in the next 18 months,” Allison said. “We’d love to do more.”
Macquarie provided funding for 8minutenergy’s 90-megawatt Redwood Solar Farm. The Folsom, California-based company has a pipeline with as much as 400 megawatts of projects it’s seeking to develop before the 30 percent federal investment tax credit expires at the end of 2016, Tom Buttgenbach, president of 8minutenergy, said today.
Construction on the Redwood project is expected to start this year with completion set for mid-2015. It has power purchase agreements with Pacific Gas & Electric Co., Edison International’s Southern California Edison and the city of Palo Alto, 8minutenergy said in a statement.