Following is an excerpt from a recent press release issued by Empower Energies. Click here to view the full release.
"We are pleased to announce the launch of our Distributed Generation Fund and our partnership with two leading strategic investors, one contributing tax equity and the other project equity and energy infrastructure management expertise," said John Clapp, Chief Financial Officer, Empower Energies. "The DG Fund gives us immediate access to tax equity at a time when availability is an issue in the marketplace. In addition, we are able to provide construction financing and development capital for our own projects and for those of other developers looking for a financing solution. The fund structure is well-suited to the distributed generation space. We can invest in projects in Solar Renewable Energy Credit (SREC) and non-SREC markets, as well as across the off-taker credit spectrum."
The DG Fund enhances Empower's ability to provide customers with The Right Mix™ of financing for solar solutions that deliver on an organization's profitability, resiliency and sustainability objectives.
"We are excited to partner with Empower Energies and to support solar development efforts in the United States," said Sanjiv Mahan, president, WGL Energy (WGL Energy Services and WGL Energy Systems). "The DG Fund is a reflection of WGL's commitment to providing renewable energy answers, and the opportunity we continue to see in this rapidly-growing sector."
The DG Fund enables Empower to offer a complete 'capital stack,' including development capital, construction finance, and project buy-outs at different points during the development process, depending on the needs of the co-developer. The DG Fund also creates efficiencies for customers, simplifying the project approval process, and enabling a single point of decision, accelerating development.
Empower Energies is currently seeking high-quality PV solar project opportunities (rooftop, ground mount or canopy) for the DG Fund to augment its own project pipeline. Empower currently operates in most major solar markets across the United States.
Empower has retained Marathon Capital as its financial advisor to structure and raise equity for the DG Fund, as well as corporate equity.
Renewable energy developers interested in financing PV solar projects under development are encouraged to visit the Empower Energies Developer Growth Engine Portal, or to contact Michael Wright, Executive Vice President, Strategic Marketing, directly at 240.490.4200 x2160 or via email at info@EmpowerEnergies.com.
About WGL Energy
WGL Energy delivers a full spectrum of energy offerings, including electricity, natural gas, renewable energy, carbon reduction, distributed generation and energy efficiency solutions provided by WGL Energy Services, Inc. and WGL Energy Systems, Inc. To learn more, visit us at www.wglenergy.com. Follow us at @wglenergy on Twitter and WGL Energy on LinkedIn.
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading source for clean, efficient and diverse energy solutions. With activities and assets across the U.S., WGL consists of Washington Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides natural gas, electricity, green power and energy services, including generation, storage, transportation, distribution, supply and efficiency. Our calling as a company is to make energy surprisingly easy for our employees, our community and all our customers. Whether you are a homeowner or renter, small business or multinational corporation, state and local or federal agency, WGL is here to provide Energy Answers. Ask Us. For more information, visit us at www.wgl.com.
About Marathon Capital
Marathon Capital, LLC, is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, capital raising of debt and equity, project finance, tax equity, financial restructuring, recapitalization, bankruptcy and workout situations in the global energy and infrastructure markets. Marathon Capital is a two-time recipient of the "Best Renewable Asset M&A Advisor" award in Power Finance & Risk's Annual Power Finance Deals and Firms Awards (2013 & 2014). For more information, visit www.marathon-cap.com.
About Empower Energies
Empower Energies, Inc., headquartered in Frederick, Maryland, is a clean energy project solutions provider focused on applying the right mix™ of combined heat and power (CHP), PV solar, and energy optimization solutions – with financing – to meet the profitability, resiliency and sustainability objectives of hospitals, universities, municipalities, and schools, as well as multi-facility commercial and industrial organizations. More information about Empower Energies can be found at www.empowerenergies.com.