Sandbrook Capital to Invest $460M in rPlus Energies
Sandbrook Capital, an energy infrastructure-focused private investment firm, will invest up to $460 million in rPlus Energies, as part of a new platform-level partnership with the Salt Lake City-based private renewable energy developer.
The investment is alongside continued support from Gardner Group, the founding investor in rPlus and commercial real estate company, though the amount was not disclosed.
The deal represents one of the first major renewable energy platform announcements of 2024, and Sandbrook’s first U.S. investment following its $2.1 billion raise for its maiden climate infrastructure fund and associated co-investment vehicles.
Sandbrook’s initial commitment enables the company to bring 1 GW of “shovel-ready” generation and storage online, while advancing the balance of the 15 GW pipeline of solar, wind, battery, and pumped storage hydropower projects through commercialization.
“Sandbrook’s investment in rPlus underscores our commitment to accelerating the decarbonization of the U.S. grid in partnership with entrepreneurs who embody environmental stewardship, innovation, and grit,” said Carl Williams, co-founder and partner at Sandbrook.
rPlus has developed more than 630 MW of solar and wind projects over the last five years, including the 80-MW Graphite Solar Power Plant and the 200-MW Appaloosa Solar Park in Utah.
The company aims to begin work on one of the country’s largest solar plus storage projects, the Green River Energy Center, in the second quarter of 2024.
