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Redeux Energy Exceeding Solar and Storage Project Development Goals and Expanding Team to Propel Growth
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Redeux Energy Partners announced significant advancements in their utility-scale solar and energy storage developments, exceeding 2022 goals in market coverage and project capacity. The company formed a multi-state land lease with Farmland Partners Inc. (NYSE: FPI) to develop projects across 2,800 acres in Arkansas and Mississippi. With a pipeline exceeding 1.7 GW, Redeux aims for 2 GW by year-end, a 400% increase from 2021. Five new senior team members have been added, enhancing their expertise and operational capacity to meet clean energy demands.
Positive
Exceeded 2022 goals for project capacity and market coverage.
Partnership with Farmland Partners (FPI) for 2,800 acres of new projects.
Expanded pipeline to over 1.7 GW, targeting 2 GW by year-end 2023.
Enhanced leadership team with significant renewable energy experience.
Negative
None.
DENVER--(BUSINESS WIRE)--
Redeux Energy Partners LLC (Redeux), a developer of utility-scale solar and energy storage projects, today announces its continued momentum including:
Exceeding 2022 development goals for market coverage, leased acreage and multi-gigawatt capacity of projects with filed interconnection
Entry into a multi-state land lease with Farmland Partners Inc. (NYSE: FPI), the nation’s largest publicly traded farmland REIT by U.S. acreage
The addition of five senior team members, bringing decades of experience with some of the largest renewable energy companies, to anchor its platform
Redeux’s development pipeline consists of large, hybrid solar and storage projects within the Midcontinent Independent System Operator (MISO), Electric Reliability Council of Texas (ERCOT), Southeastern Electric Reliability Council (SERC) and the Western Electricity Coordinating Council (WECC) energy markets. Currently totaling over 1.7 GW of capacity - of which more than 80% is filed for interconnection - Redeux is on track to exceed 2 GW of pipeline capacity by year-end, a 400% increase from year-end 2021. Acreage under site control totals over 20,000 acres in eight states, with over 10,000 additional acres in active negotiation. The company’s platform and processes are delivering the efficiency and scale to produce gigawatts of high-quality clean energy project pipeline annually.
Since 2020, Redeux has been working with a number of large landowners across farming, timber, ranching and resource extraction industries to evaluate project development opportunities that increase the value of their land. A premier example of this type of mutually beneficial partnership is the recently announced lease agreement with FPI by which Redeux will develop multiple projects across several diversified farm sites in Arkansas and Mississippi totaling approximately 2,800 acres. The projects, where Redeux has also signed leases with adjacent landowners, are located under Entergy transmission lines operated within the MISO energy market.
“The company is pleased with the results achieved year to date, and the recent increase in velocity,” said Rob Masinter, Chief Operating Officer of Redeux. “In addition to expanding our best-in-class land acquisition and development teams, Redeux has added leadership positions in market strategy, land acquisition, and corporate development and will add management positions to oversee our engineering and permitting activities in the coming months.”
New members of the Redeux leadership and development team bring multiple decades of experience in utility-scale solar and energy storage infrastructure development and operations. Recent additions include:
- Garrett Gill, Vice President, Land, brings over 23 years of experience in land acquisition. Prior to Redeux, Gill served as Executive Vice President of the Power Group at Contract Land Staff (CLS).
- Mark Raventos, Vice President, Corporate Development, brings over 17 years of renewables development and M&A experience in the Americas, India and EMEA with Acciona Energy.
- Steve Drew, Vice President, Market Strategy, has over 20 years of experience in competitive transmission and renewables development and management with Borrego, NextEra and OG&E.
- Andrew Makee, Director, Development, brings over 13 years of utility-scale wind and solar development with Avangrid and Orion Renewables in MISO, SERC, SPP and ERCOT markets.
- Dan White, Director, Development, brings over 12 years of utility-scale solar, wind, energy storage and natural gas development with National Grid and Southern Power in SERC, ERCOT, CAISO and WECC markets.
Over the next 18 months, Redeux is expanding its platform capabilities together with the geographic scope of its prospecting activities and project portfolio into at least 15 states within the MISO, ERCOT, Southwest Power Pool (SPP), SERC and WECC energy markets. Redeux’s corporate development focus is on executing early-stage acquisitions and forming partnerships with entities that will ultimately acquire its projects.
“Success to date has been remarkable,” said William Harrison, CEO of Cathexis Holdings, Redeux’s largest shareholder. “The team has developed a platform of best-in-class analysis, technology, process, and people that is producing a tremendous volume of high-quality renewable energy projects. Our financial commitment will support Redeux's continued scale and acceleration to contribute meaningfully to the pace of project deployment required to meet U.S. public- and private-sector clean energy goals.”
About Redeux Energy
Redeux Energy is a utility-scale solar and storage development company with expertise in a range of strategies to transform greenfield, brownfield and industrial lands into renewable power infrastructure that produces new revenue streams, meets ESG goals and addresses local needs for economic and workforce development.
About Our Capital Sponsors
Cathexis Holdings is a Houston-based, multi-billion dollar, single-member family office. A diversified, multi-strategy group, Cathexis has active investments across industries including private equity, venture, real estate, infrastructure, energy, consumer products and technology.
Thoroughbred Holdings originates investments in world-class infrastructure, energy and natural resource assets and provides advisory services to launch, restructure and grow these businesses. The firm invests in terminals and logistics, mining, agriculture, renewable feedstock production and clean energy infrastructure, typically with co-investment from top-tier private capital partners.
What is Redeux Energy's partnership with Farmland Partners (FPI)?
Redeux Energy entered a multi-state land lease agreement with Farmland Partners Inc. (NYSE: FPI) to develop renewable energy projects across 2,800 acres in Arkansas and Mississippi.
How much capacity does Redeux Energy currently have in its pipeline?
Redeux Energy's current pipeline capacity exceeds 1.7 GW, with plans to surpass 2 GW by year-end 2023.
What are Redeux Energy's development goals for 2023?
Redeux Energy aims to increase its pipeline capacity to over 2 GW by the end of 2023, reflecting a 400% growth from 2021.
How many new team members did Redeux Energy add recently?
Redeux Energy added five senior team members to enhance its expertise in the renewable energy sector.
What are the key markets Redeux Energy is targeting for its projects?
Redeux Energy is focusing on markets within the Midcontinent Independent System Operator (MISO), Electric Reliability Council of Texas (ERCOT), and Southeastern Electric Reliability Council (SERC).
