Climate Insider Brief:
- Encore secured $389M from Brookfield to expand its solar and battery storage projects as an independent power producer (IPP).
- Funds will accelerate solar development, support battery storage, tech innovation, and market expansion.
- Encore aims to scale operations, build partnerships, and drive renewable energy adoption.
PRESS RELEASE – February 03, 2025 – Encore Renewable Energy has secured $389 million in financing from Brookfield Asset Management, marking a significant milestone in the company’s transition into an independent power producer (IPP). The funding, structured as non-dilutive debt and tax equity facilities, will support the construction of community-scale solar and battery energy storage projects, accelerating Encore’s expansion and reinforcing its commitment to renewable energy.
“This financing enables us to scale our development pipeline and execute on our vision to bring more clean energy solutions to communities across the country,” said Chad Farrell, Founder and CEO of Encore Renewable Energy.
Transition to an IPP and Expansion Plans
The investment comes as Encore completes its first projects under the IPP model, including a 4-MW solar array in Brooks, Maine, and a 2.3-MW solar system in Oakland. The funding will be used across multiple strategic initiatives, including:
- Scaling Development Pipeline: Encore plans to expand its solar and battery storage projects across new regions.
- New Project Construction: The company will accelerate project deployment, enhancing local energy resilience.
- Advanced Battery Storage: Funds will support grid-stabilizing battery energy storage systems integrated with solar developments.
- Geographic Diversification: The financing allows Encore to expand into new markets to meet growing energy demands.
- Technology Innovation: Investment in cutting-edge solar and storage technologies will drive efficiency and cost reductions.
- Partnership Development: Encore aims to foster collaborations with utilities, local governments, and community organizations.
- Regulatory and Incentive Navigation: The company will maximize tax incentives and ensure compliance with energy regulations.
- Operational Growth: Funding will also enhance workforce training and development, supporting a growing pipeline of projects.
- Community Engagement: Encore plans to educate and engage local communities on the benefits of solar energy.
- Sustainability Initiatives: A portion of the financing will support environmental sustainability efforts within Encore’s projects.
“This investment solidifies our ability to not only build more renewable energy projects but to operate them efficiently, ensuring a long-term positive impact on both the grid and the communities we serve,” Farrell added.
With this financing, Encore Renewable Energy is well-positioned to expand its role in the renewable energy sector, contributing to the broader transition to clean, reliable, and affordable power.
Source: List Solar
