Prospect14, a leading clean energy development and investment firm, announced that it sold a one gigawatt solar and energy storage portfolio in Virginia and Pennsylvania to a large investor.
Firstly, Prospect14 focuses on the scaled origination and development of renewable energy; and energy storage projects in multiple markets in the United States. Since its inception in 2017, the company has originated approximately 5 GWdc of solar and solar + storage projects.
In addition, the company’s former name was Glidepath Ventures. Back in August 2020, the company changed its name to Prospect14. This, to “better reflect its primary focus and mission of originating and developing utility-scale solar projects across North America.”
About the rebranding, Carl Jackson, Partner of Prospect14, commented, “As we continue to expand our origination efforts across the United States, we wanted to do so under a forward-looking brand that represents our goal of driving the widespread adoption of solar energy.”
On the other hand, Geoff Underwood, Partner of Prospect14, said, “We believe solar energy is key to a global transition to clean energy. Our company prospects for attractive sites for solar energy, and by doing so, we increase the prospect of a solar energy future.”
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Prospect14 adding value to the renewable energy sector
About the selling of the 1GW portfolio, Underwood commented. “Prospect14 is pleased to be able to deliver value to an institutional investment platform through our scaled origination approach, providing qualified and ready-to-develop assets at scale.”
Furthermore, Jackson added. “As the US solar market continues to mature, we are encouraged to see institutional investors step into mid-stage solar development as a confirmation of the value creation opportunity available through the development process.”
He also remarked. “This is a milestone in the mainstreaming of solar as a desired asset class.”
Finally, Jefferies LLC served as financial advisor to Prospect14 on the transaction. GreeneHurlocker, PLC served as legal advisor.