U.S. renewables developers Arevon Energy, Longroad Energy Holdings and Broad Reach Power showed the most improvement among the top 20 wholly owned renewable energy portfolios under construction in Q1, according to an analysis using Enverus Core data presented in the most recent issue of Energy Transition Pulse. All three companies roughly cut their ranks in half on the top 50 leaderboard, with more than 2 GW of combined project additions breaking ground.
The lion’s share of those capacity additions were attributable to Broad Reach, which moved up to the sixth spot by adding eight projects under construction in Q1 with over 1.2 GW of capacity. All eight of those projects are battery energy storage systems in Texas with capacities ranging 9.9-255 MW. Paris-based utility Engie agreed last year to acquire Broad Reach, excluding the firm’s solar and wind projects and 4 GWh of Western U.S. BESS capacity. The rest of Engie North America came in at rank 39 with three projects under construction for a combined 414 MW.
Arevon, which has been busy financing numerous projects in recent months, broke ground on four renewable energy facilities with combined capacity of 358 MW, enough for the company to move up to the 15th spot. One of its projects under construction, the 200 MW/800 MWh Condor BESS facility in California, was part of Arevon’s recent wave of financing. The company secured $350 million for Condor with a preferred equity investment from Blackstone Credit & Insurance, a commitment to buy investment tax credits from Stifel Financial Group and a $164 million debt facility from a syndicate of lenders.
Longroad Energy Holdings broke ground on 434 MW of capacity in Q1, which was enough to move it up to the ninth spot. Serrano, Longroad’s fourth project in Arizona, consists of a 220 MWdc solar farm and 214 MWac BESS component. Commercial operations are expected to begin by mid-2025, and output will be purchased by Arizona Public Service under a long-term power purchase contract.
To see the full leaderboard of the Top 50 renewables portfolios under construction and other renewable energy metrics, check out the latest issue of Energy Transition Pulse.
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