We had this poster in my house as a kid. It featured a single runner suffering on a lonely stretch of rolling hills lined by telephone poles. It was a Nike poster, but it didn’t say Just Do It. Instead, written across the bottom was this:
There is no finish line.
I like that slogan better.
The image and message stuck with me. As we close out 2019 there are many Galehead milestones to celebrate. However, the timelines that matter for our business and projects – option payment schedules, interconnection studies, RFP deadlines – are callously oblivious to the drop of a ball and tick of the clock. We’re excited to head into 2020 with great momentum on the continued formation of the business and delivery of competitive development projects.
The Development of Galehead
We’ve not exactly been in “stealth mode.” We call it execution mode. Since our founding in 2016 we have quietly and consistently built upon incremental successes and head into 2020 with 17 full-time “Galeheads,” a formidable pipeline and proprietary development technology which allows for predictable replication and regeneration of our greenfield capabilities and delivery of viable projects.
Our vision is to originate a century of Impact Infrastructure and we’re initially focused on the North American market for “conventional power.” That’s right, clean energy and renewable resources are the new convention for reliable delivery of lowest-cost wholesale and distributed power. With our data-driven platform which provides both scale and agility for greenfield campaigns across the U.S. we are helping IPPs, utilities and infrastructure investors accelerate the redefinition of conventional power with tailored project development solutions. To date, we have originated a 6 GW portfolio of renewable energy development assets under active development across 23 states.
They are called mile “stones” for a reason: they are punctuated, heavy and not worth much by themselves.
As a development platform, our success will be measured by the volume of Galehead-originated projects which are constructed and commercialized to deliver competitive energy products to the market. Until projects reach this full potential, we measure our development production against the following milestones:
- Land Assets: 20,000+ acres for development projects secured under definitive site control by our in-house real estate team.
- Interconnection: 2.4 GW of Galehead-originated queue positions under study. Investment in interconnection positions is a paramount qualifier for project validation and maturity in our pipeline, with conditional tollgates for site control, feasibility studies and stakeholder approval.
- Sponsorship: 3.5 GW of Galehead-originated projects have secured third-party investment. Under a joint development framework, Galehead advances projects with strategic oversight by our business partners and project investors.
Milestones are not the finish line. But taken together, we are confident the cumulative effect of these milestones will result in a meaningful contribution to the accelerated transformation of conventional power across the U.S.
The “Upstream” Team
We define our platform by its three primary components: our technology, our team, and our partnerships. The coordination of these components is what allows Galehead to go-to-market in a uniquely predictable, repeatable, and scalable manner. And while we specialize in upstream development, the platform is designed to de-risk and streamline – during the earliest stages of project formation – subsequent downstream investments, project financing and construction.
In a business where the “ground game” is the game, LandCommand’s depth and breadth of market and environmental intelligence is transformative in Galehead’s ability to mobilize rapidly and invest confidently. In addition to warehousing a growing inventory of geospatial and environmental data, LandCommand™ provides a web-based interface for our team to convert our market strategies into actionable land assets.
Building our team has been one of the most rewarding challenges in the formation of Galehead. The company is presently structured as three primary teams: LandCommand™, Land Services, and Project Development. Success in this industry is tough, and our team has embraced the additional work that goes into building a company and culture. To reinforce the latter, we recruit with a priority for demonstration by candidates of our core values: Bold, Driven and True. It’s served us well, with a team that “bleeds orange” and gives us the collective ability to pursue bold objectives. We’ve also benefited from steady mentorship and guidance at critical junctures from our Executive Membership and Board of Advisors.
Finally, we have built and financed the growth of Galehead on the strength of our partnerships. What we call “sponsored development” are joint ventures which contribute capital and strategic expertise to our development projects. We also supplement our team’s capabilities through long-term engagements with technical consultants and subject matter experts.
Looking Ahead: 2020+
As a pure-play developer, Galehead is transparent about and proud that our end-product is the development pipeline for industry-leading IPPs, utilities and infrastructure investors. Galehead’s client and project customers include four Fortune 500 energy companies, collectively own and operate >10 GW of renewable generation resources, and have a cumulative market cap >$100B. Our customers will provide reliable realization and operation of the projects we originate.
In 2020, Galehead will leverage these relationships to advance development of and investment in our most advanced 1.6 GW portfolio. We will work with our sponsors to qualify and cultivate our backlog as the next wave of competitive conventional power. With an established foundation in greenfield utility-scale development, we will explore new segments and verticals where the Galehead platform can be a transformative catalyst for market formation and technology deployment.
So we certainly aren’t finished.
In fact, we’ve barely started.
Galehead Development is a technology, project origination, and asset management platform for Impact Infrastructure investments. The company is based in Boston, MA and has 17 full-time employees.