rPlus Energies secures $460m investment from Sandbrook Capital for renewable energy projects
In a significant boost to the renewable energy sector, rPlus Energies, a prominent private renewable energy developer, has announced a strategic platform-level partnership with Sandbrook Capital, a private investment firm focused on revolutionizing the world’s energy infrastructure. This collaboration marks a monumental milestone with Sandbrook Capital committing up to $460 million alongside continued support from the Gardner Group, rPlus Energies’ founding investor and a leading commercial real estate company in the Mountain West.
This partnership is poised to accelerate the development of rPlus Energies’ diverse 15-gigawatt (GW) pipeline, which includes solar, wind, battery, and pumped storage hydropower projects. Sandbrook Capital’s initial investment will enable the deployment of 1 GW of shovel-ready generation and storage projects, advancing the remainder of the pipeline towards commercialization. This development underscores the growing momentum in renewable energy investments as the sector seeks to expand its footprint across the western United States.
Luigi Resta, President and CEO of rPlus Energies, highlighted the shared vision and commitment to an execution-oriented approach to renewable energy projects. Carl Williams, co-founder and partner at Sandbrook, emphasized rPlus Energies’ strong development, construction, and operations teams in North America, signaling confidence in the advanced portfolio of high-quality projects. Christian Gardner, Chairman and CEO of the Gardner Group, expressed excitement about the partnership, viewing it as a shared vision that will propel the renewable energy sector to new heights.
rPlus Energies Partners with Sandbrook Capital in a Transformative $460 Million Renewable Energy Investment
Over the past five years, rPlus Energies has developed more than 630 MW of solar and wind projects, with notable projects like Graphite Solar and Appaloosa Solar in Utah now in service. The company is also managing the construction of Pleasant Valley Solar, the largest solar PV facility in the Idaho Power system, and is nearing completion of a 152 MW wind project sold to Clearway Energy Group. The Green River Energy Center, one of the largest solar plus storage projects in development in the U.S., is expected to begin construction in Q2 2024.
The partnership also highlights rPlus Energies’ leadership in the resurgence of pumped storage hydropower in the United States, with two projects in the final licensing stage. This strategic collaboration with Sandbrook Capital and the Gardner Group is set to amplify rPlus Energies’ contribution to the renewable energy landscape, furthering the decarbonization of the U.S. grid.
The investment from Sandbrook Capital, alongside the expertise and support from the Gardner Group, positions rPlus Energies for significant growth and impact in the renewable energy sector. This partnership not only signifies a substantial investment in the future of green energy but also demonstrates a strong commitment to environmental stewardship, innovation, and the advancement of renewable energy technologies.