SAN FRANCISCO–(BUSINESS WIRE)–August 2, 2022–
Climate Adaptive Infrastructure, LLC (“CAI”), an investment company financing low-carbon energy, water and transportation infrastructure, and Meridian Clean Energy (“Meridian”), owner and developer of an energy project enabling a future carbon-free energy system, today announced their strategic partnership. Their first investment is the acquisition of a 25% interest in the Sentinel Energy Center, an 850 MW peak power plant in Riverside, California.
Sentinel Energy Center operates eight large turbines, creating one of the most efficient and flexible peaking power plants in Southern California. Sentinel’s rapid start-up capability allows it to efficiently bridge the peaks and troughs created by the 11 gigawatts of intermittent wind and solar resources surrounding the plant and serving the greater Los Angeles Basin.
“We are excited to initiate our strategic partnership with Meridian Clean Energy and acquire a significant stake in Sentinel, a key to the ongoing decarbonization of the Southern California energy market,” said Bill Green, Founder and managing partner of CAI. “Together with the Meridian team and our Sentinel partners, we plan to demonstrate how natural gas-dependent peaks can be decarbonized, while contributing to the energy security of large, complex utility networks. We look forward to working with Meridian to replicate this program in other markets, driven by utility demand for decarbonized grid stabilization capacity.
“As California pursues its decarbonization goals, Sentinel works to stabilize the increasingly renewable-powered grid. We are excited to partner with CAI on this asset, which is critical to the continued deployment of the wind and solar on the CAISO system and will be a key asset in decarbonizing the grid,” said John Woolard, CEO of Meridian Clean Energy.
About Climate Adaptive Infrastructure
Climate Adaptive Infrastructure, LLC (“CAI”) is an infrastructure investment firm specializing in low-carbon real estate assets in the energy, water and transportation sectors. CAI finances large-scale investments in low-carbon infrastructure that can withstand the structural risks and economic pressures of the climate crisis and that can provide CAI and its financial partners with a viable hedge against climate losses.
About Meridian Clean Energy
Meridian Clean Energy is focused on owning and developing power generation and storage assets with the flexibility and reliability to enable a future carbon-free energy system. The Meridian team brings deep experience in all types of power generation and integrating the latest technologies at utility scale.
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CONTACT: For Climate-Smart Infrastructure
Jonathan Gasthalter/Sara Widman
Gasthalter & Cie.
+1(212) 257 4170
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
KEYWORD INDUSTRY: FINANCE ENERGY ALTERNATIVE ENERGY PROFESSIONAL SERVICES PUBLIC SERVICES
SOURCE: Climate Adaptive Infrastructure, LLC
Copyright BusinessWire 2022.
PUBLISHED: 02/08/2022 09:00/DISC: 02/08/2022 09:02
Copyright BusinessWire 2022.