Renewa, a prominent land and infrastructure investor in the renewable energy sector, has successfully secured $450 million of committed capital, with QIC leading the investment as a leading institutional investment manager and advisor. This new capital infusion will propel Renewa’s efforts to drive the transition to renewable energy within the United States.
Renewa holds one of the largest independent portfolios of land under clean energy projects in the U.S. The company offers flexible, long-term capital and specialized financial solutions to landowners and renewable energy project developers through land acquisition and associated rental payments from utility-scale wind, solar, storage, and other essential infrastructure projects.
With a presence in over 30 gigawatts of projects, Renewa boasts a highly diversified land exposure to U.S. renewable energy initiatives.
Anticipated estimates project a demand for more than 250 million acres of land to accommodate solar, wind, and energy storage facilities in order to fulfill U.S. net-zero commitments, a substantial increase from the approximately 81 million acres required a few years ago.
Gage Mooring, Renewa’s Co-Founder and Co-CEO, highlighted Renewa’s essential role in accelerating renewable energy asset development: “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.”
Renewa’s ground lease assets are projected to contribute to a reduction of approximately 5 million tons of carbon dioxide emissions in the U.S. in 2023, equivalent to the environmental impact of removing approximately 1 million passenger cars from U.S. roads.
In conjunction with the capital injection, QIC has appointed seasoned energy industry professionals Mark Noyes, Peter Tumminello, and Natalie Jackson as independent directors for Renewa. Their extensive expertise in energy project development, operations, and financing will provide valuable insights to Renewa’s strategic endeavors.
Renewa’s portfolio encompasses land and ground leases under more than 130 renewable energy facilities across the U.S., collaborating with over 50 developers, including industry leaders like Acciona, Duke Energy, Enel, Leeward Energy, Lightsource bp, and NextEra Energy, spanning 26 states.