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.
Forward-Looking Statements
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.
About WGL
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:
Michael Wright
Executive Vice President, Strategic Marketing
50 Citizen's Way, Suite 403
Frederick, MD 21701
Office: 240.490.4200 x2160
Email: media@empowerenergies.com
Bernie Tylor
WGL
Office: 202-624-6778
Email: btylor@washgas.com
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SOURCE Empower Energies