January 29, 2024

Renewables firm receives approaches from infrastructure funds, CEO says

Renewables firm receives approaches from infrastructure funds, CEO says

RedWind Renewables, a Minneapolis-based utility scale renewable developer, has been approached by a couple of infrastructure funds for investment and an advisor, CEO Daniel E. Rustowicz told Infralogic.

It is not actively pursuing a capital raise, he said, declining to name the infra funds.

The firm is open to entertaining approaches from investors to sell, partner and monetize projects and or create value, including capital infusions, if it is compelling, he said, declining to name the infra funds.

Some of the proceeds from sales would be used to develop projects in markets across the US, and further grow the pipeline and team. Any sale or closure could be done by 1H24. The company would hire a financial advisor for any capital transaction raise, if warranted, Rustowicz said.

The firm has sold 19 projects to various investors without any equity participation but is flexible on structure. It is in talks to sell the 20th hybrid project, which includes solar, wind and energy storage, before the end of 1Q24, he added. Rustowicz declined to identify the project.

The firm has another 10 projects that are available for investors, developers, utilities, IPPs and infrastructure funds that are for sale. He expects any sale to be wrapped by the end of 2024, if not sooner, the CEO said.

RedWind is working on additional 10 projects in the US in very early gestation. The total capacity of all these projects exceeds 5 GW, he added.

Rustowicz said he owns 100% of the company. He added that 2023 was RedWind Renewables' best year yet, in terms of revenue, growth, landowner engagement, local partner engagement, and project origination and project sales.

Last week, RedWind announced the sale of two projects to GreenVolt Power. RedWind also entered into a development services agreement with Greenvolt, and the firms plan to together develop several projects throughout the US, according to the announcement.

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