US solar developer Hawthorne Renewables announced on Wednesday the formal launch of the company with a USD-250-million (EUR 228.9m) investment commitment from French clean energy-focused private equity firm Omnes Capital.
Hawthorne Renewables, which will target a portfolio of 2 GW of operational solar assets in the next five to seven years, is the result of the merger between Power Capital Energy Group and Portland, Oregon-based Sulus Solar.
The new company will be focused on developing, building and owning large-scale solar projects across the US. It will be led by Colin Murphy and Conor Grogan, the founders of Sulus Solar which has delivered more than USD 150 million of solar projects across Oregon and Washington since its inception in 2016.
Hawthorne Renewables marks the first US venture for Omnes. The investment committed by the Paris-based company will be provided over the next three to four years.
(USD 1 = EUR 0.915)
