NEW YORK — Renewa, a leading land and infrastructure investor in the renewable energy industry, has secured $450 million (US) of committed capital, led by QIC, a leading institutional investment manager and advisor. The new capital will enable the company to further its mission to help advance the transition to renewable energy in the United States.
Renewa, which owns one of the largest independent portfolios of land under clean energy projects in the U.S., provides flexible, long-term capital and other specialized financial solutions to landowners and renewable energy project developers through the acquisition of land and associated rental payments from utility-scale wind, solar, storage, and other critical infrastructure projects.
With a presence in more than 30 gigawatts of projects, Renewa has one of the most diversified land exposures to U.S. renewable energy.
“The transition to renewable energy takes innovation, financial commitment, policy leadership and arguably the most critical element – land,” said Stephen Lee, Renewa Co-Founder and Co-CEO. “The support and backing from QIC is a significant step forward – one that will allow Renewa to continue to make bold commitments and consistently deliver on our promises to landowners and project developers.”
Estimates indicate that there will be more than 250 million acres of land needed to house solar, wind, and energy storage facilities in order to achieve U.S. net-zero commitments. This is up from about 81 million acres needed just a few short years ago.
“There can be no wind or solar project without suitable land to house it,” added Gage Mooring, Renewa Co-Founder and CO-CEO. “Renewa is able to play a vital role to help accelerate the development of renewable energy assets by providing real, financial solutions to developers, landowners, investors and families across the U.S.”
Projects on Renewa’s ground lease assets are expected to reduce carbon dioxide emissions in the U.S. by approximately 5 million tons in 2023 – the equivalent of taking approximately 1 million passenger cars off U.S. roads.
