Geenex secures funds for solar and energy storage pipeline
Geenex Solar LLC, a utility-scale solar developer focused on the PJM region, said it closed additional financing from New Energy Capital. NEC and Geenex entered into their first financial arrangement in early 2019. Terms of the latest deal were not disclosed.
Proceeds are expected to fund development and operating expenses, and are expected to allow Geenex to advance its pipeline of more than 8 GW of solar and energy storage projects across the Southeast and the Midwest.
Geenex Solar is a greenfield solar developer with a primary focus on PJM-interconnected solar facilities ranging in size from 20 MW to 500 MW.
New Energy Capital is an affiliate of Victory Capital Investment and has made more than 40 investments and invested over $1 billion.
In 2020, EDF Renewables North America and Geenex agreed to develop up to 4.5 GWac of solar across PJM. EDF and Geenex worked to develop and build the Pecan and Gutenberg solar projects in 2015. The project portfolio included projects in various stages of development. The first projects were expected to enter service in 2023.