The new kid on the block pledges to have the right stuff when it comes to U.S. solar development. Phoenix-based Hawthorne Renewables launched today with plans to develop $250 million in solar projects over the next few years.
The newly established solar development company is backed by significant industry experience and capital. Hawthorne Renewables is the result of a merger between Power Capital Energy Group and Portland, Oregon-based Sulus Solar.
Since its inception in 2016, Sulus Solar and its founders, Colin Murphy and Conor Grogan, have rapidly scaled the company to deliver more than $150 million of solar projects across Oregon and Washington. Murphy and Grogan will lead Hawthorne Renewables with a focus on developing, building and owning large-scale solar projects across the United States.
“We’re incredibly proud of the success we’ve had, and have a huge appetite to ramp up our operations with new infrastructure from this merger,” said Grogan. “Hawthorne Renewables is well-positioned to sprint out of the gates with the experience, ambition and capital to be a significant player in the clean power generation movement.”
Financial backing for this investment is provided by Omnes Capital, a $5.2 billion green energy private equity firm based in Paris. Omnes Capital has successfully invested in several renewable energy development platforms across Europe.
“We are extremely excited about teaming up with Omnes Capital. Their significant experience and resources complements the skills and strengths of our U.S. solar knowledge,” said Murphy. “The Hawthorne Renewables team is well positioned to achieve our target of 2 GW of operational solar assets in the next five to seven years.”
Hawthorne Renewables marks the first U.S. venture for Omnes Capital, which intends to invest $250 million over the next three to four years in the United States through Hawthorne Renewables.
“We thoroughly analyzed a large set of potential development platform companies for our entry to the U.S., followed by extensive third-party legal and technical due diligence on the Sulus Solar platform,” said Justin Brown, cofounder and co-CEO of Power Capital. “Conor and Colin stood above the pack as ideal partners amidst a dynamic and competitive market.”
Hawthorne Renewables will also have an office space in Portland.
Tags: commercial and industrial, Financing, Hawthorne Renewables, Omnes Capital, Power Capital Energy Group, Sulus Solar, utility-scale
