Bridge Renewable Energy, Solaris Energy and WATTMORE Sign Contract to Develop, Finance and Operate 1.8 MW Solar + Storage Project for the Rincon Band of Luiseno Indians & Harrahs Resort SoCal

Rhea-AI Summary

Bridge Renewable Energy, Solaris Energy, and WATTMORE have closed a deal to develop, finance, and operate a 1.8 MW solar and storage project for the Rincon Band of Luiseno Indians and Harrah's Resort SoCal. The project, located on the Rincon Reservation in San Diego County, CA, aims to lower carbon output and decrease monthly energy costs. The deal combines incentives from the federal Inflation Recovery Act with state and federal grants to maximize economic benefits for both the Tribe and Bridge Renewable Energy. The project demonstrates the value of solar and energy storage for reservations, communities, and commercial applications, leveraging creative financing and development expertise to bring clean energy solutions to fruition.

Positive

• Successful closing of a 1.8 MW solar and storage project deal
• Partnership with Rincon Band of Luiseno Indians for renewable energy development
• Utilization of federal and state incentives to maximize project economics
• Potential for reduced carbon output and decreased energy costs for the Tribe

Negative

• None.

Insights

Energy Industry Analyst

This project represents a significant step in renewable energy adoption for tribal lands and commercial applications. The 1.8 MW solar + storage system showcases the increasing viability of integrated renewable solutions. The collaboration between Bridge Renewable Energy, Solaris Energy and WATTMORE demonstrates a growing trend in multi-party partnerships to leverage diverse expertise in complex energy projects.

The project's economics are bolstered by the Inflation Recovery Act incentives, highlighting the impact of recent federal policy on renewable energy development. This could signal increased activity in similar projects across the U.S. For investors, this trend may present opportunities in companies specializing in solar and storage technologies, as well as in firms adept at navigating the complex landscape of energy project financing and development.

Financial Analyst

While specific financial details are not disclosed, this project likely represents a positive development for Bridge Investment Group Holdings Inc. (NYSE: BRDG). The company's expansion into renewable energy projects through its subsidiary, Bridge Renewable Energy, indicates a strategic diversification of its portfolio. This move could potentially enhance long-term revenue streams and improve the company's ESG profile, which is increasingly important to investors.

The project's structure, combining federal and state grants with new tax incentives, demonstrates a sophisticated approach to project financing. This could lead to improved project economics and potentially higher returns for Bridge. Investors should monitor the performance of this and similar projects to gauge the impact on Bridge's financial results and future growth prospects in the renewable energy sector.

SAN DIEGO--(BUSINESS WIRE)-- Bridge Renewable Energy, a subsidiary of Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge”), Solaris Energy and WATTMORE, are thrilled to announce their successful closing and the kickoff of 1.8 MW of solar and storage projects across multiple facilities on the Rincon Reservation in San Diego County, CA. This deal marks the completion of nearly three years of planning, designing, grant writing and finance modeling.

“We are very excited to move forward on this new project and are committed to providing renewable energy to our people, residents, and businesses on our reservation. Together with our new partners, we are building a cutting edge solar + storage project to lower our carbon output, and decrease our monthly energy costs,” said Chairman Bo Mazzetti of the Rincon Tribe.

“We are thrilled to have reached this milestone and are grateful for our partnership with the Rincon Tribe. We believe this project demonstrates the exceptional value that solar and energy storage projects can deliver to reservations, communities, and other commercial applications. We extend our appreciation to all the parties involved in this transaction and look forward to helping bring the project to full operation,” said Bridge Renewable Energy’s Adam Haughton.

Solaris Energy and WATTMORE co-developed this project using complementary skill sets to combine incentives from the new federal Inflation Recovery Act signed into law in 2022 with State and federal grants, allowing maximization of the economics and impact for both the Tribe and the investment partner Bridge Renewable Energy.

“We’re proud to bring our passion for creative, impactful, Tribal projects and decades of renewable energy financing and development expertise to the table to help bring this project to fruition,” stated Solaris Energy’s CEO, Nick Perugini. “We’re so grateful for the Tribe’s continued commitment and for our partners in storage and financing, as well as Prosper Sustainability, Microgrid Initiatives, the Department of Energy, and California Energy Commission who all dedicated substantial resources and conducted an exceptional job to get us to this point,” added Perugini.

WATTMORE’s CEO, Jonathan W. Postal (JW), said, “Energy storage paired with solar is the key to our clean energy future. This project is a great example of perseverance and commitment to bringing multiple types of technology together to drive carbon reduction and cost savings for a great customer.”

ABOUT THE TRIBE:

The Rincon Band of Luiseño Indians is a sovereign government recognized by the United States of America. The Tribe owns Harrah’s Resort Southern California and uses profits from this and other commercial enterprises to provide government services including tribal security and environmental enforcement; economic development; healthcare and culture programs; and a tribal court. At no cost to taxpayers, Rincon’s public safety operations respond to emergencies in the neighboring communities, with more than a majority of calls generating outside the Reservation. Rincon’s tribal enterprises are significant contributors to the San Diego County economy through job creation, tax generation, purchase of local products and services and charitable donations. More information can be found at: rincon-nsn.gov.

About Solaris Energy

Grown from non-profit roots, Solaris Energy is an employee-owned Colorado Public Benefit Cooperative and Certified B Corporation that provides experienced, value-driven commercial solar development, finance, and asset management services. The company accelerates the widespread deployment of distributed solar energy systems and storage solutions by offering non-residential customers low-cost financing to reduce their environmental impact, increase their bottom line, and participate in the worldwide shift to renewable energy. Solaris Energy’s dedicated team of passionate individuals has been providing these services since 2008, building a strong track record of proven and cost-effective renewable energy solutions across all sectors of energy consumers.

For more information visit: solarisenergy.com | LinkedIn | Facebook

About WATTMORE

WATTMORE specializes in AI-powered software tools and services to empower the green energy industry to scale bigger and faster. The WATTMORE Intellect EMS platform is a state-of-the-art SaaS and Enterprise software engine built to help utilities, developers, and asset owners optimize and monetize energy storage. Follow WATTMORE on LinkedIn, Twitter and Facebook for the latest product updates and industry trends.

About Bridge Investment Group

Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $48.0 billion of assets under management as of March 31, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. verticals across real estate, credit, renewable energy and secondaries strategies.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240806312663/en/

Janna Shaw

Director of Communications & Corporate Development

303.746.2147 (m)

Janna.shaw@solarisenergy.com

Source: Bridge Investment Group Holdings Inc.

FAQ

What is the size of the solar and storage project for the Rincon Band of Luiseno Indians?

The project involves 1.8 MW of solar and storage capacity across multiple facilities on the Rincon Reservation in San Diego County, CA.

Who are the main partners involved in the Rincon Band solar project with Bridge Investment Group (NYSE: BRDG)?

The main partners involved are Bridge Renewable Energy (a subsidiary of Bridge Investment Group), Solaris Energy, and WATTMORE.

What are the expected benefits of the solar project for the Rincon Band of Luiseno Indians?

The project aims to lower carbon output and decrease monthly energy costs for the Tribe, its residents, and businesses on the reservation.

How is the Rincon Band solar project being financed?

The project combines incentives from the federal Inflation Recovery Act with state and federal grants to maximize economic benefits for both the Tribe and Bridge Renewable Energy.