JPMorgan hired to run sales process for energy storage and solar developer

An energy storage and solar developer recently engaged JPMorgan to run a sales process, said sources familiar with the situation.

A teaser, named Project Zorro, was distributed earlier this month.

The name of the company was not disclosed.

The developer’s pipeline includes nearly 5 GW of energy storage, and also has distributed solar and utility-scale solar projects.

The company, historically, has had a track record in community solar and a focus on the Northeast markets.

The company has forecast roughly USD 60m in EBITDA in 2022.

The sales process is expected to launch formally next month.

Community solar developers with the largest amount of applications to the interconnection queue in New York include Nexamp, Delaware River Solar and Borrego Solar, according to NPM data.

The founder-owned-backed Borrego announced a series of personnel changes on 20 December as it “continues to navigate its utility scale growth and pursue its gigawatt goals,” according to a press release. The changes included hiring a new vice-president of engineering and development and also restructuring its EPC team to fuel its strategic expansion plan.

Separately, Nexamp secured USD 680m in funding earlier this year via a USD 440m debt financing and a USD 240m equity investment round led by Generate Capital.

JPMorgan did not return calls seeking comment.*

*This story was originally published exclusively for NPM subscribers last month.