$90M in Project Financing Closed in November Ensures a Fast Start in 2017
Kennett Square, PA – November 30, 2016 Tangent Energy Solutions, Inc. today announced that it closed Distributed Energy Resource (DER) project contracts totaling $101 million during the second half of 2016. Tangent also announced that in November it closed project financing agreements from Generate Capital and Constant Energy Capital totaling $90 million.
DER projects closed in the second half of 2016 included a major solar installation and contracts for edgeGEN natural gas generators. edeGEN™ is a new offering that combines Cummins natural gas generators with Tangent AMP™, a proprietary Distributed Energy Resource Management System (DERMS). The financing raised will be used to develop both current and future DER projects.
Tangent Energy began its strong second half in July when it was selected to install solar arrays on 88 public buildings in a major city in the United States. In November, Tangent Energy closed a project funding agreement with Generate Capital to fund this solar project. Additional details about this project are being withheld pending a future announcement.
“Generate Capital backed Tangent because of its proven ability to produce long-term recurring revenue streams from behind-the-meter generation,” said Jigar Shah, President and Co-Founder, Generate Capital. “Instead of focusing on their technology or asset projects, they sold us on their ability to reliably produce and monetize solar megawatts at the grid edge.”
Also in November, Tangent Energy closed an agreement with Constant Energy Capital to provide financing for existing and future edgeGEN natural gas generation projects sold through Tangent Generation Resources, a joint venture between Tangent Energy Solutions, Inc. and Cummins, Inc., announced in October. edgeGEN enabled generators create savings and revenues for customers by using Tangent AMP™, a proprietary distributed energy resource system to predict economic opportunities on the energy grid and automatically dispatch on-site generators when the economics are justified.
“In the coming years, behind-the-meter natural gas generation will be a critical component of a cleaner and more decentralized energy industry,” said Catherine York Powers, Managing Director and CEO, Constant Energy Capital. “edgeGEN is a great example of the cooperation and innovation needed between established energy industry resources and new technologies to unlock the full potential of distributed energy resources. “
A recent Energy Cloud blog post by Navigant underscored the importance DER gensets play by pointing out that “They account for 40% of the average microgrid generation capacity” and that “They are dispatchable quickly any time of day and can have the cheapest levelized cost of energy of any distributed generation (DG) source.”
“Tangent Energy is extremely proud that top-tier energy financiers like Generate Capital and Constant Energy Capital have invested in our distributed energy resource projects,” said Dean Musser, CEO, Tangent Energy Solutions. “Their support validates the hard work our team has done to date, and makes possible our ability to continue to do so in the future.”