9REN leading European developer and contractor of solar plants with over 100 MW in operation and with €44 million invested in 22 MW of solely-owned photovoltaic arrays in Europe, will supply technical and operational know how and will participate as a lead equity investor, and Kheiron (which works in partnership with off-taker clients, local project sponsors and investors in the North American distributed generation space) will be the lead project developer for the North American effort (in the US, Canada, and Puerto Rico) with focus on project origination and due diligence, contract negotiations, local entitlement management, portfolio management and financing.
The agreement has an initial target of 20 MW and is focused on government, commercial and industrial photovoltaic energy generation facilities; 9REN and Kheiron expect to execute and close upon their first portfolio of facilities in 2010.
9REN Group was established by First Reserve Corporation in 2008 as a consequence of the acquisition of Gamesa Solar, a leading solar contractor in Spain, and of Ener3, a renewable energy project developer in Italy. It has three distinct lines of business, all focused exclusively on renewable energy: the supply of turnkey solar projects, with over 100 MW of photovoltaic references; the operations, maintenance and upgrade service, with long term agreements for 568 third party photovoltaic power plants amounting to over 71 MW of rated power; and the development and investment of renewable energy projects with 22 MW in operation and 500 MW of pipeline under development.
9REN has an investment plan for the 2010-2012 period to execute on 250 MW of renewable energy projects worth €600 million of capital expenditure.
Kheiron Partners, LLC focuses on originating, developing, aggregating and managing multi-asset portfolios under fund platforms including distributed generation assets.
Additionally, Kheiron’s principals have successfully executed on a proprietary financing program applicable to renewable energy generation assets under, both, retail and wholesale power purchase programs in the United States. It has also developed and implemented the distributed energy generation asset management framework for a global investment bank with more than €226 billion of assets under management.
Kheiron and its partners are developing a pipeline of distributed energy generation facilities with an installed capacity in excess of 50 MW.
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