Portsmouth, NH (July 29, 2022)Â â Great Bay Renewables (âGreat Bayâ) today announced it has entered into a transaction with U.S. renewable energy developer, Hodson Energy, LLC (âHodsonâ), to gain future royalties related to Hodsonâs portfolio of solar plus battery storage development projects.
New York-based Hodson is committing its entire portfolio of solar plus storage projects located primarily in the Mid-Atlantic region of the U.S. and any additional projects added in the future to this new royalty investment structure with Great Bay. Great Bay will receive a royalty on all projects developed and vended by Hodson until a minimum total return threshold is achieved.
The $40 million royalty investment into Hodson will be invested in tranches over approximately the next three years as Hodson achieves certain project advancement milestones, with an initial investment upon closing of $14 million. Approximately $9.8 million of the initial investment will be used to retire an existing development loan facility and acquire new projects, resulting in a 1.8 GWac total portfolio post-Great Bay investment.
â We are excited to team up with Great Bay to help us build out our existing pipeline of high-quality projects and enter a new phase of growth. In addition to pursuing previously identified and new opportunities in the PJM and MISO territories, we now have the bandwidth and financial resources to explore new opportunities and relationships in Texas and the greater Southwest region. Great Bayâs financing structure makes us goal aligned and provides Hodson with the financial flexibility we need to pursue our strategic objectivesâ
-rs Gill , Founder & CEOÂ Hodson Energy
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