US solar firm eyes funding for projects worth $1bn

8minutenergy is looking for dry powder to help it develop a US project pipeline of about 5.5GW, including 2GW in Texas.

US-based solar developer 8minutenergy has begun a capital raising process to fund projects with a total value of more than $1 billion.

The company said the potential funding would enable it to build out its US pipeline which totals about 5.5GW of capacity. 8minutenergy said some 500MW of these projects are “shovel ready” and are secured with long-term PPAs.

“As we continue to expand and build upon our proven, levelised cost of energy-centric platform, we are looking for efficient investment capital to fund a variety of interesting development and long-term ownership opportunities in the US,” said Tom Buttgenbach, president of 8minutenergy.

The developer added that it has retained BofA Merrill Lynch as its financial adviser for the capital raising process. Earlier this month, 8minutenergy said it was expanding operations into Texas, targeting over 2GW in the state. It also revealed earlier this year it is planning to develop 4GW of solar projects in India, although the capital raising process is only for the company’s US projects.

8minutenergy has developed projects totalling 700MW of installed capacity across various US states since its foundation in 2009. It continues to develop the three-phase 800MW Mount Signal project in California, set to be one of the world’s largest once built.