Texas-based renewable developer Tri Global pursuing sales process

Renewable energy developer Tri Global Energy have hired advisors to run a sales process, said two sources familiar with the situation.

The process is in its early days.

The Dallas-based project developer is among a swath of middle market developers expected to explore strategic alternatives after larger utility-scale developers were sold earlier in 2021.

Tri Global mostly develops onshore wind projects in Texas, but also has onshore wind, solar and storage projects in Nebraska, Illinois, Indiana, Pennsylvania and Virginia, according to its website.

Tri Global was founded in 2009 by John Billingsley Jr. and started off on a unique concept known as the The Wind Force Plan. This allowed him to lease up 670,000 acres in West Texas land in fewer than three years on the premise that landowners would get guaranteed payments regardless if wind turbines were placed on their land. This approach led to initial onshore wind development and later solar, according to its website.

Tri Global has sold off its projects recently to Leeward Energy and Silverpeak and partnered with Copenhagen Infrastructure Partners on the 162 MW Bearkat II wind energy project in Glasscock County, Texas which commenced commercial operations last fall.

Great Bay Renewables, a joint venture between certain funds managed by affiliates of Apollo Global Management and Altius Renewable Royalties Corp, has provided royalty financing before in support of Tri Global’s projects.

Tri-Global did not return multiple calls seeking comment.*

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