FREDERICK, Md. and WASHINGTON, Nov. 29, 2016
FREDERICK, Md. and WASHINGTON, Nov. 29, 2016 /PRNewswire/ -- Empower Energies ("Empower" or the "Company"), a leading clean energy project solutions company, and WGL Energy Systems, which operates distributed generation systems in 19 states and the District of Columbia, today announced that they have launched a Distributed Generation Fund (DG Fund) for photovoltaic (PV) solar projects, together with a leading global strategic tax equity investor.
With a two-year funding commitment, Empower and WGL Energy Systems plan to originate, develop, construct and manage rooftop, ground mount, and canopy PV solar projects through the DG Fund for commercial and industrial (C&I) customers, municipalities, universities, schools and hospitals.
"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. "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.
"The rapid, ongoing transformation of our clean energy industry landscape requires a high degree of strategic innovation and financial acumen," said Len Jornlin, Chief Executive Officer, Empower Energies. "The closing of the DG Fund demonstrates the confidence our Fund partners have in Empower Energies, as well as our ability to raise the financing and tax equity necessary for us to deliver multi-faceted value for customers throughout the dynamic C&I marketplace."
Empower 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.
This release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by the use of forward-looking terminology such as "believes," "expects," "intends," "may," "estimates," "will," "should," "plans" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. We do not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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.
Contact Information for media:
Executive Vice President, Strategic Marketing
50 Citizen's Way, Suite 403
Frederick, MD 21701
Office: 240.490.4200 x2160
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SOURCE Empower Energies