8minute Solar Energy has closed $400 million in financing from EIG, an institutional investor in the global energy and infrastructure sectors. This funding is expected to enable 8minute to continue to operate and grow its portfolio of clean energy assets, focus on technology innovation and advanced solar plant design, and begin building projects on its own balance sheet.
8minute has one of the largest pipelines of solar power plants with integrated energy storage in the United States, including more than 50 utility-scale projects in various stages of development, with a typical project size of 400 MW. The company’s current portfolio includes more than 18 GW of solar capacity and 24 GWh of storage throughout California, Texas, and the southwestern US. One of its projects, the Rexford 1 Solar & Storage Center in Tulare County, California, is huge — with 400 MW of solar and 180 MW/540 MWh of energy storage.
“With EIG’s investment, we further solidify our role as a clean technology leader and become the leading technology provider of ‘smart’ solar power plants with integrated energy storage. As we look to expand into green hydrogen and other adjacent markets, a partner that understands this business is critical to our continued success,” said Dr. Tom Buttgenbach, Founder and CEO of 8minute.
The financing agreement includes a portion of growth equity and a letter of credit. R. Blair Thomas, EIG’s Chairman and CEO, will join 8minute’s Board of Directors.
