Ontario Teachers’-owned BluEarth buys Butter Solar portfolio


Photo courtesy of DiyanaDimitrova/iStock/Getty Images

BluEarth Renewables LP has acquired the Butter Solar portfolio, a 22.9 megawatt AC portfolio of 10 solar projects located in Wisconsin, Minnesota and Iowa.

Terms weren’t released. The seller was OneEnergy Renewables, a U.S. developer of solar energy projects.

The projects are targeted for commercial operation in Q2 2019.

BluEarth, a Calgary-based builder, owner and operator of wind, hydro and solar facilities, said the purchase builds on its existing U.S. portfolio and positions it to pursue other opportunities.

BluEarth is backed by Ontario Teachers’ Pension Plan. Ontario Teachers’ invested in 2014 and acquired majority ownership in 2015.

PRESS RELEASE

BluEarth Acquires a 23 MW Construction-Ready Solar Portfolio in the United States

CALGARY, Alberta, March 05, 2019 (GLOBE NEWSWIRE) — BluEarth Renewables LP (“BluEarth”) is pleased to announce its U.S. affiliate has acquired a 22.9 MWAC solar portfolio (“Projects”) from OneEnergy Renewables, a leading developer of community and utility-scale solar energy projects in the United States.

The Projects, also known as the Butter Solar portfolio, are located across three states – Wisconsin, Minnesota and Iowa – and consist of 10 projects ranging from 0.6 MWAC to 5 MWAC. The Projects are currently under construction with a target commercial operations date in the second quarter of 2019. Once commissioned, energy will be sold under a single power purchase agreement to the Upper Midwest Municipal Energy Group, a joint action agency representing its member utilities. Renewable Energy Credits (“REC”) generated from the portfolio will be purchased by Organic Valley, the City of Madison, Dr. Bronner’s, and NativeEnergy.

“The acquisition of the Butter Solar portfolio is a perfect fit for BluEarth given our ability to finance, construct and operate renewable energy projects. It builds on our growing portfolio in the United States and positions us to further expand our footprint as we pursue other opportunities ranging in size and complexity,” said Grant Arnold, President and Chief Executive Officer. “Electricity generated by the Butter Solar portfolio will directly service the local communities where the projects are located. We look forward to working with all of our local stakeholders as we bring these community solar projects into operation in the coming months.”

This portfolio resulted from a unique and creative collaboration between Organic Valley, OneEnergy Renewables and the participating communities.

“These Projects exemplify the maxim that ‘many hands make light work’, and reflect a huge amount of effort and commitment from many people, including community members, utility boards, REC partners and city and village officials,” said Eric Udelhofen, Director of Project Development at OneEnergy Renewables. “OneEnergy is humbled by the perseverance of everyone involved to help advance the projects to construction. We look forward to replicating this approach with others to bring cost-effective renewable energy to rural communities across the country.”

This acquisition complements BluEarth’s existing portfolio in the United States which now includes over 62.5 MW in operation and under construction and 795 MW under development.

For more information about the Butter Solar portfolio, please visit our website.

About BluEarth Renewables

BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 333 MW net (405 MW gross) of nameplate capacity in operation and under construction and over 1,000 MW under development. For more information, visit bluearthrenewables.com or follow us on twitter @BErenewables.

About OneEnergy Renewables
OneEnergy Renewables is an innovative developer of community and utility-scale solar energy projects in North America. Powered by the belief that the future will run on clean energy, our team delivers solar projects to communities, utilities, and commercial and institutional customers. We build trust with landowners, communities, and customers to help them achieve a cleaner, brighter energy future. For more information, visit oneenergyrenewables.com or follow us on twitter at @oneenergyinc.

For further information:

Dorreen Miller
Director, Communications
BluEarth Renewables
(587) 324-4238

Jennifer Barnes
VP, Communications
OneEnergy Renewables
(206) 922-7930