Tangent Energy obtains $90 million in financing from Generate Capital and Constant Energy Financing
Written By: Stratton Report
November 30, 2016
On November 30, Tangent Energy Solutions, Inc. announced that it closed distributed energy resource project contracts totaling $101 million during the second half of 2016.
The firm also noted that in November it closed project financing agreements from Generate Capital and Constant Energy Capital totaling $90 million.
Per Tangent, the DER projects closed in the second half of 2016 included a major solar installation and contracts for the firm’s edgeGEN natural gas generators combined with a proprietary distributed energy resource management system to predict economic opportunities on the energy grid and automatically dispatch on-site generators when the economics are justified.
The financing raised will be used to develop both current and future DER projects.
Tangent Energy stressed that in July the firm had won a bid to install solar arrays on 88 public buildings which were funded in November by the project funding agreement with Generate Capital.
Jigar Shah, President and Co-Founder, Generate Capital remarked: “Generate Capital backed Tangent because of its proven ability to produce long-term recurring revenue streams from behind-the-meter generation. Instead of focusing on their technology or asset projects, they sold us on their ability to reliably produce and monetize solar megawatts at the grid edge.”
“Generate Capital backed Tangent because of its proven ability to produce long-term recurring revenue streams from behind-the-meter generation. Instead of focusing on their technology or asset projects, they sold us on their ability to reliably produce and monetize solar megawatts at the grid edge.”
Tangent emphasized that in November, the firm closed an agreement with Constant Energy Capital to provide financing for existing and future edgeGEN natural gas generation projects sold through Tangent Generation Resources, a joint venture between Tangent Energy Solutions, Inc. and Cummins, Inc.,
Catherine York Powers, Managing Director and CEO, Constant Energy Capital observed:“In the coming years, behind-the-meter natural gas generation will be a critical component of a cleaner and more decentralized energy industry. edgeGEN is a great example of the cooperation and innovation needed between established energy industry resources and new technologies to unlock the full potential of distributed energy resources.”
Dean Musser, CEO, Tangent Energy Solutions commented: “Tangent Energy is extremely proud that top-tier energy financiers like Generate Capital and Constant Energy Capital have invested in our distributed energy resource projects. Their support validates the hard work our team has done to date, and makes possible our ability to continue to do so in the future.”