Development fleet to serve increased demand from utilities for low-cost resources and enhanced commitments to renewables by states, corporations, and cities throughout the U.S.
Boston, MA (June 17, 2019) – Today, Galehead Development, an independent Boston-based energy development platform, announced the successful origination of a 1.8-gigawatt (ac) pipeline of solar energy development projects currently under development, a landmark milestone for the 2.5 year-old company. In aggregate, power generation from 1.8 GW (ac) solar capacity could serve the residential electricity load of entire cities such as Austin, TX.
“Our development projects are defined by markets with strong demand signals or competitive wholesale economics, active ISO and utility interconnection queue positions, the validation of our financial sponsors, and differentiated project sites anchored by strong local relationships,” said Matt Marino, CEO.
The 1.8 GW (ac) pipeline consists of 29 development projects located in 14 states. The pipeline includes more than 1 GW (ac) of queue positions secured in the spring 2019 MISO and PJM interconnection application cycles. The aggregate capacity of the company’s early-stage development portfolio is approximately two times its pipeline.
There are three factors that have been integral to the scale and pace of Galehead’s development: a highly specialized 15-person team grown organically since Galehead’s inception; “platform” partnerships with leading financial sponsors and technical consultants; and Galehead’s proprietary LandCommand™ development software.
“Each project in our pipeline has its origins in LandCommand™. We could not have achieved the scale, pace, or geographic diversity of our pipeline without the market intelligence and project origination capabilities of LandCommand™,” said Patrick Martin, COO. “LandCommand™ aggregates, assimilates and analyzes geospatial data. With its comprehensive geospatial foundation and cloud-based architecture for complex queries, LandCommand™ accelerates qualified site selection and project land economics.”
Accelerating and de-risking development investments lowers project Levelized Cost of Energy (“LCOE”), improving the competitive profile for off-takers, while sustaining returns for long-term owners.
“We are developing the generation fleet that will serve utilities’ need for low-cost resources, state regulations for higher concentrations of renewables and lower carbon emissions, and sustainability goals of corporations and cities,” Marino added. “Strategic partnerships have been a cornerstone of our business since day one. We are in commercial discussions with leading off-takers and asset owners for projects in our pipeline and look forward to expanding those discussions with new stakeholders as the pipeline continues to achieve meaningful development milestones.”
Galehead Development is a technology, project origination, and asset management platform for Impact Infrastructure investments. The company is based in Boston, MA and has 15 full-time employees.