Nokomis Energy Announces $30 Million Investment from Great Bay Renewables

Nokomis Energy has secured a $30 million investment from Great Bay Renewables, a leading renewable energy investor.

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Nokomis Energy has secured a $30 million investment from Great Bay Renewables, a leading renewable energy investor. This funding will enable Nokomis to expand its portfolio of distribution-sited projects across the Midwest, focusing on delivering clean, competitive electricity on the distribution grid. The partnership aims to replicate Great Bay's success in supporting utility-scale project developers in the distributed generation sector.

Brendan Dillon, Co-Founder and President of Nokomis Energy, emphasized the investment's impact on their ability to deploy distributed generation projects in established and emerging markets. Frank Getman, CEO of Great Bay, highlighted Nokomis' track record of commercializing over 45 projects in Minnesota and surrounding areas, marking Great Bay's first dedicated investment in the distributed solar market.

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Secured $30 million investment from Great Bay Renewables
Expansion of distribution-sited projects across the Midwest
Partnership with experienced utility-scale project investor
Track record of commercializing over 45 projects in Minnesota area

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07/31/2024 - 10:15 AM EDT

MINNEAPOLIS, July 31, 2024 /PRNewswire/ -- Nokomis Energy has finalized a $30 million investment from Great Bay Renewables, a leading renewable energy investment fund.

Nokomis Energy has finalized a $30 million investment from Great Bay Renewables, a leading renewable energy investor.

This investment enables Nokomis Energy to expand its growing portfolio of distribution-sited projects across the Midwest. Nokomis is focused on delivering clean, competitive electricity on the distribution grid, recognizing that communities cannot meet their energy needs solely through transmission-sited electricity generation.

Brendan Dillon, Co-Founder and President of Nokomis Energy, expressed enthusiasm about the partnership, stating, "We are excited about the impact of our collaboration with Great Bay on our ability to deploy distributed generation projects in established and emerging markets across the Upper Midwest. Leveraging Great Bay's proven expertise in supporting utility-scale project developers, we aim to replicate this success in expanding our distributed generation platform. This investment enables us to adopt a long-term perspective in delivering clean energy solutions tailored to the communities where we live and work."

Commenting on the new partnership with Nokomis, Frank Getman, CEO of Great Bay, said, "The Nokomis team has an outstanding track record of development success in and around their home market of Minnesota, having commercialized over 45 projects to date. With Nokomis, we are making our first dedicated investment into the distributed solar market. Distribution-scale solar represents an exciting diversification opportunity for Great Bay. Our flexible, partner-like capital has helped create significant value for our existing development partners and we believe this investment will give Nokomis the resources to advance its existing portfolio and scale the platform."

About Great Bay Renewables

Great Bay Renewables, based in Portsmouth, New Hampshire, provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages in their life cycle. To date, Great Bay has committed more than $400 million in royalty financing into the renewable energy sector and has created royalty agreements on over 35 renewable energy projects totaling nearly 8.2 GW. Great Bay's management team has extensive experience in renewable energy development, financing, and operations across a range of renewable technologies located throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) and certain funds managed by affiliates of Apollo (NYSE: APO). Learn more about Great Bay at www.greatbayrenewables.com or follow us on LinkedIn.

About Nokomis Energy

Nokomis Energy, based in Minneapolis, Minnesota, is a clean energy development platform that focuses on 1-30MW distribution grid-sited clean energy projects across the Upper Midwest. Nokomis Energy partners with local organizations, businesses, and utilities to identify opportunities for clean energy projects that help them transition to clean energy resources. Since its founding in 2017 Nokomis has developed more than 45 projects across all three primary market categories including Community Solar, Behind-the-Meter, and Direct-to-Utility. Learn more about Nokomis Energy at www.nokomisenergy.com or follow us on LinkedIn.

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SOURCE Nokomis Energy

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Nokomis Energy receive in investment from Great Bay Renewables?

Nokomis Energy received a $30 million investment from Great Bay Renewables.

What is the purpose of the $30 million investment in Nokomis Energy?

The investment will enable Nokomis Energy to expand its portfolio of distribution-sited projects across the Midwest, focusing on delivering clean, competitive electricity on the distribution grid.

How many projects has Nokomis Energy commercialized to date?

Nokomis Energy has commercialized over 45 projects to date in and around their home market of Minnesota.

What is Great Bay Renewables' first dedicated investment in the distributed solar market?

Great Bay Renewables' $30 million investment in Nokomis Energy marks their first dedicated investment in the distributed solar market.

Nokomis Energy Announces $30 Million Investment from Great Bay Renewables