US developer 8minute Solar Energy has added 3GW of new photovoltaic capacity to its development pipeline in the last month, increasing the total to over 18GW.
The company has also attracted additional corporate-level funding to develop the growing pipeline, the majority of which will be converted to the company’s new generation solar power plant design with battery energy storage.
Capital has been raised from joint venture partners, including JP Morgan Asset Management and Upper Bay Infrastructure Partners.
The University of California (UC) Office of the Chief Investment Officer of the Regents has also joined as an investor, 8minute added.
Projects are planned to be built across California and the southwestern US.
They include the 400MW Eland solar and storage center in Kern County, California, which will have an energy storage capacity of 1200 megawatt-hours.
8minute president and chief executive Tom Buttgenbach said: “While the financial markets, especially tax equity, face uncertainty right now due to the Covid-19 pandemic, 8minute as a company is financially very well positioned.
“Given our strong cash position and balance sheet, as well as the strength of our financial partners, we’re fortunate to take the long view and continue our growth trajectory to deliver clean, reliable power – day and night – for less than the cost of fossil fuels.
“Over the last few months, we have added to the bench strength of our team, focused on developers, engineers and technology innovators, so we can continuously improve our cost competitiveness and bring successful solar projects to communities in California, Texas and across the southwest.”
UC chief investment officer Jagdeep Singh Bachher said: “We have been impressed not only by the breadth and depth of 8minute’s solar portfolio, but also by its engineering and technology-focused vision for the future of the clean energy industry.
“We look forward to supporting the next round of groundbreaking, large-scale projects 8minute is developing in California and beyond.”
Upper Bay co-founders and managing partners Mario Maselli and Marietta Moshiashvili said: “We are excited to partner with long-term, aligned capital to grow our platform investment in 8minute and accelerate the execution of several of 8minute’s next generation solar power plants.”