Collectively, our team has over 150 years of development, construction, finance and operations experience acquired in the completion of over 200 transactions representing over 8,000 MW of capacity and $100 billion of value.
This experience has been acquired in working closely with companies ranging from start-ups to Fortune 100 in the roles of developers, construction managers, bankers, consultants and CFOs.
With this experience, the NorthRenew team is uniquely qualified to play multi-functional roles in order to deliver project development and project finance solutions on behalf of ourselves and our partners. All with the objective of realizing substantial growth potential, significant current income and reduced risk.
The Truscott-Gilliland East Wind Project (“TGE”): 330 MW in Knox county, Texas
NRE acquired the development assets of TGE in 2017 from the Oklahoma-based Chermac Energy. In 2018, NRE secured Taaleri Energia (www.taalerienergia.com), a Finnish asset management company, as the financial sponsor. NRE continued to lead the TGE development effort on behalf of Taaleri, including oversight of landowner relationships, selection and negotiation of the construction and turbine supply contracts, offtake, environmental studies, land surveys and other critical development activities. NRE was responsible for contracting TGE’s original turbine supply relationship with Senvion as well as the ultimate relationship with Vestas. TGE’s final 330MW design configuration will utilize the latest Vestas Enventus V162-5.6 MW turbine technology, currently the largest onshore turbine technology in the United States. TGE is expected to be the first installation of this technology in the United States. NRE’s Texas-based personnel led all physical on-site activities, including landowner relations, meteorological campaign, geotechnical and environmental studies and obtaining and managing FAA DNH approvals. NRE also led the offtake origination and structuring for TGE which included corporate and utility PPA’s, fixed-shape hedge, and other structured offtake product markets among which Taaleri elected Allianz Global & Specialty Inc.’s proxy revenue swap product as the final form of offtake contract for TGE’s output. In June 2020, TGE closed a construction debt facility and tax-equity bridge loan, as well as common equity commitments from its equity sponsor consortium, to fund construction commencement. The lender group comprised Nord/LB, Santander, Societe Generale and Mizuho Bank, with BHE Renewables (www.bherenewables.com) as tax equity investor at COD. The equity consortium comprised Taaleri SolarWind II Fund, the Danish Infrastructure Fund AIP, Ilmarinen Mutual Pension Insurance Company, and Akuo Energy USA. NRE will continue to provide certain development services to TGE during its construction.
Mesquite Sky Wind (aka “Baird North): 350MW in Callahan county, Texas
NRE acquired the development assets of Baird North in mid 2018 from Chermac Energy and continued to advance development from early to mid-stage through multiple critical investments such as met tower and met data acquisitions, environmental studies and other permitting requirements. In early 2019, NRE secured Clearway Energy Group (www.clearwayenergygroup.com) as financial sponsor of the project in which Clearway retained NRE and Chermac to continue project development through development services agreements. NRE’s and Chermac’s on-going development responsibilities included physical on-site activities, including landowner relations, meteorological campaign, geotechnical and environmental studies; and assistance with the successful execution of the project’s agreement with the US Department of Defense and FAA to mitigate any impacts local weather radar systems and risks to national security stemming from the project’s construction and operation. Mesquite Sky’s 350MW of capacity anticipates construction commencement by Q4 of 2020, with its output contracted under a portfolio of corporate power purchase agreements.
Broad Mountain Wind (“BMW”): 80 MW in Packer Township, Carbon county, Pennsylvania
NRE and its local development partner sold the Broad Mountain Wind project to Liberty Power, a subsidiary of Algonquin Power & Utilities Corp. (“APUC”) in June 2018 after NRE made critical mid-stage development investments such as interconnect study deposits and other investments. NRE transitioned the BMW development effort completely to APUC’s development team in late 2018 and early 2019. APUC owns a portfolio of over 1.5 GWs of operating generation capacity across USA and Canada, with a comparably sized development pipeline. Prior to acquiring BMW, APUC already had a presence in PA as the owner and operator of the 50 MW Sandy Ridge wind farm. BMW’s original design included 80MW of power generation and 10MW of power storage capacity being built as a Phase 1, with a similarly sized potential for Phase 2. Under APUC’s leadership, BMW has undertaken an extensive zoning application process, accompanied by transparent public dialogue and broad community engagement effort, to comply with Packer Township’s long-standing wind ordinance to guide development of BMW. The zoning process was temporarily halted by the COVID-19 pandemic but is scheduled to resume. Upon completion, the project will produce enough clean electricity to power about 25,000 homes a year and bring incremental economic activity, tax revenues, and jobs to its host community.
By 2006 Chermac had established itself as a successful wind project developer qualified in the areas of land acquisition, interconnection, PPAs and project management, but lacked a financial partner capable of playing a critical role in monetizing their projects. Broad CFO capabilities were required to achieve the company’s long-term goals. Chermac engaged Mr. Klimchuk (and NorthWinds) for his domain knowledge and financial advisory expertise in which he has worked as an integral member of Chermac providing critical financial structuring capabilities, ongoing market insight, substantial financial modeling expertise, strong capital sourcing relationships within a large and diverse global marketplace and extensive project execution experience. As a result, NorthWinds has completed the sale over 3,100 MW of projects. Mr. Klimchuk took on a far more expansive role that has included such tasks commensurate with a full-fledged developer and CFO. These tasks included development of financing structures, identifying and negotiating project funding solutions that included tax equity, bank debt and sponsor equity, negotiating off-take agreements with such entities as Google, negotiation of turbine procurement and EPC contracts and the potential sale of the overall company as a corporate transaction.
Clean Energy Collective is a community solar developer based out of Boulder, CO with a strong focus on the MA market. Critical to their success is securing attractive early stage project sites which led to securing the services of Mr. Ginsberg. As a result, Mr. Ginsberg successfully developed, on CEC’s behalf, a portfolio of ground-mount, MW-class facilities under the Massachusetts Community Shared Solar program and originated projects and provided critical development support for site acquisition, facility design & engineering and permitting.
EOS Ventures is a Massachusetts-based solar and wind development company that was responsible for the development and construction of the first wind turbine on a ski resort, namely Jiminy Peak in Lanesboro, MA. With this experience, EOS went forth to develop its own portfolio of wind and solar projects in the Northeast U.S. Klimchuk and Ginsberg were engaged to assist the company in completing development and securing the overall funding for each project or the sale of the project to a larger developer/owner. While providing development, contract negotiation, financial advisory and structuring expertise Klimchuk and Ginsberg led the sale of EOS’s 2.2 MW Pownal, VT solar project, the 2.376MWdc Brodie Mountain solar project and the 1.25MWdc Adams solar project and secured funding for its 229 kW Wardlaw project located in New Jersey.
In 2015, Williams College implemented a far-reaching sustainability objective that included direct investment in regional, large-scale renewable energy projects in order to reduce their carbon footprint to zero. This objective also included a $50 million commitment over a 5-year period. Given their lack of ability to develop, own and operate such projects, they engaged Mr. Ginsberg and Mr. Klimchuk through their affiliation with EOS Ventures, to identify, assess, develop, construct and successfully operate renewable energy projects on their behalf. As a result, the Ginsberg/Klimchuk/EOS team has thus far completed a 2MW landfill-based solar project located in Williamstown, MA in which all cradle-to-grave development and operational tasks were executed, a third party operator has been engaged, the tax equity investor (US Bank) was secured and mechanical completion was achieved.
While a Managing Director with Swift Current Advisors, Alex Miadelets led the process to identify and secure the long-term capital sponsorship for HillTopper, a 180MW wind project located in Logan county, Illinois (PJM). Swift Current acquired the rights to HillTopper from Relight Enterprises in late 2016 and improved it by securing corporate offtake, enhancing turbine layout, and completing other remaining mid-stake and late-stage development milestones. Swift Current selected Enel Green Power (www.enelgreenpower.com) in the enel case study as the project’s long-term owner and operator. HillTopper commenced construction and operations in 2018.
Infigen is an international Australia-based power producer that had accumulated a large US-based portfolio of development and operating wind generation assets. As an investment banker with UBS, Alex Miadelets advised Infigen on determining an optimal path to monetizing their US business (development and operating portfolioswere marketed and sold separately), and led the process to sell their 1.4GW portfolio of operating wind assets to Arclight Capital, a Boston-based private equity group.
Our success rests on the quality and experience of our team and we are always looking for good candidates. If you are interested please refer to our Careers page for further information