BioStar Renewables, a diversified late-stage renewable energy developer, and Forum Equity Partners, a leading private equity investor focused on real assets, today announced a deal to provide $15 million in development capital for BioStar’s pipeline of late-stage solar power generation projects throughout the United States. The financing will significantly expand BioStar’s capability to advance its pipeline earlier in the development cycle in order to provide capital, construction management and long-term asset management for energy projects worldwide.
“We look forward to using this capital to expand our business at a time when renewable energy has reached a tipping point in our society,” said Bill Love, CEO of BioStar. “In 2017 solar and wind made up 62% of all new power construction in the U.S. The additional funds will allow BioStar and our co-development partners to bring more solutions and greater value to our customers in an expedited manner.
This predevelopment capital, combined with our ability to provide construction financing, sponsor equity, tax-credit monetization, and long-term debt rounds out the entire capital-stack from early stage through long-term asset ownership.”
“BioStar’s platform provides a full suite of capabilities to advance projects from development through operation and long-term asset management, which fits directly with Forum’s focus on providing financing across the development cycle,” said Bram Walters, Managing Partner of Power & Renewables at Forum Equity Partners. “BioStar’s highly experienced team has the demonstrated ability to manage the high-risk, early-stage development process.
“We look forward to providing BioStar with the capital required to rapidly grow their business and the potential long-term equity investment opportunities that will arise from being involved at an earlier stage of development.”
BioStar Renewables is a renewable energy investment and development company that focuses on solutions that both reduce and produce kilowatts. The company’s principals have built over 1,000 megawatts of solar, biomass, and combined heat and power projects. This, in combination with energy management and efficiency services, provides a holistic approach for a comprehensive energy plan. BioStar provides the full capital-stack from early development through completion and will own/operate systems for the full project tenure to ensure customers have operational and contract continuity. For more information, visit www.biostarrenewables.com
Forum is an alternative asset private equity investor with a focus on power and renewables, infrastructure, and real estate. Working with our partners and clients, we achieve aggressive growth and success beyond expectations through innovation and consistent performance as a top-tier alternative asset class developer, investor, and manager. Forum continues to deliver a cumulative return on invested capital in the top 1% of alternative asset managers and oversees approximately $1.0 billion enterprise value of assets under management. Over the last two decades, Forum has acquired, sold, developed, or bid, on a committed financing basis, over CAD$3 billion of assets. For more information, visit www.forumequitypartners.com