ENERGY STORAGE

Renewables developer rPlus Energies forms $460m Sandbrook Capital partnership

February 23, 2024

US-headquartered renewable energy developer rPlus Energies has formed a partnership with investment firm Sandbrook Capital with the aim of bringing 1 GW of “shovel-ready generation and storage online in the near-term”.

Sandbrook will invest up to $460 million in the platform “alongside continued support” from Gardner Group, the founding investor in rPlus, a statement said.

It added: “This transaction represents one of the first major renewable energy platform announcements of 2024, and Sandbrook’s first United States investment following its successful raise of $2.1 billion for its inaugural climate infrastructure fund and associated co-investment vehicles”.

Luigi Resta, rPlus president and CEO, said: “From the outset, it was evident that we share an execution-oriented and community-minded approach to business and project development. The expertise, commitment and drive of the Sandbrook team, coupled with the Gardner Group’s continued leadership, will play a pivotal role in steering substantial growth as rPlus makes a strategic transition to own-and-operate for the long-term.”

Carl Williams, co-founder and partner at Sandbrook, added: “We are proud to support the next chapter of growth for rPlus in partnership with the leadership team and our friends at the Gardner Group. We believe rPlus has built one of the strongest development, construction, and operations teams in North America, as evidenced by their advanced portfolio of high-quality projects. Sandbrook’s investment in rPlus underscores our commitment to accelerating the decarbonization of the US grid in partnership with entrepreneurs who embody environmental stewardship, innovation, and grit.”

Christian Gardner, chairman and CEO of the Gardner Group, said: “I couldn’t be more excited about our new partnership with Sandbrook and our superb management team led by Luigi Resta. This transaction is more than an investment, it is a shared vision that will undoubtedly propel us to the next level, enabling us to make substantial positive change in renewable energy.”