Date: April 5, 2010
Source: Energy Investors Funds and NTE Energy, LLC
EIF and NTE Team To Build Hybrid Renewable Energy Facilities
Energy Investors Funds and NTE Energy LLC have formed a joined venture to develop, build and operate large-scale hybrid renewable energy facilities in the U.S. No financial terms were disclosed.
Energy Investors Funds ("EIF") and NTE Energy, LLC announced today the formation of EIF NTE Hybrid Renewable Energy, LLC, a joint venture created to develop, construct and operate large-scale hybrid renewable energy facilities throughout the United States.
Hybrid renewable energy projects combine different types of renewable and traditional energy technologies to generate sustainable sources of clean electricity at a lower cost to customers than traditional renewable energy resources. To produce hybrid energy, EIF NTE Hybrid Renewable Energy will construct plants that combine some of the world's leading solar, biomass, and other renewable technologies with natural gas turbine technology to produce low-cost renewable sources of electricity produced in a clean and sustainable manner. EIF NTE Hybrid Renewable Energy plans to announce new projects in Florida, South Carolina, and Alabama in the near future.
Lucas Missong, Vice President of Energy Investors Funds, said, "We are excited to be involved in funding the development and deployment of this exciting technology. We believe it will revolutionize the generation of clean, renewable energy in the United States."
"Hybrid renewable energy is a great way to produce large quantities of clean, renewable energy in a cost-effective manner," said Seth Shortlidge, President of NTE Energy. "We are delighted to partner with EIF to develop and construct a number of these facilities in the upcoming years."
About Energy Investors Funds
EIF was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. Its consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. As an investment manager, EIF seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. EIF has mobilized over $4 billion in capital raised in seven funds, and currently manages four private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 100 diversified investments which have an underlying asset value greater than $15 billion. EIF controls 4,000 MW of operating power assets with another 2,200 MW of power assets under development or construction. For more information visit www.eif.com.
About NTE Energy
NTE Energy, LLC is focused on developing hybrid energy projects in the United States. Located in St. Augustine, Florida, the nation's oldest city, NTE Energy has been a leader in the development of commercially viable hybrid renewable energy technology. For more information visit www.nteenergy.com.