Nokomis Energy has successfully secured a $30 million investment from Great Bay Renewables, a prominent renewable energy investment fund.
This significant financial boost is set to enhance Nokomis Energy’s expanding portfolio of distribution-sited projects across the Midwest.
Expansion of Distribution-Sited Projects
The new investment will allow Nokomis Energy to advance its mission of delivering clean, competitive electricity directly to the distribution grid.
Nokomis Energy recognizes that communities cannot rely solely on transmission-sited electricity generation to meet their energy needs.
By focusing on distribution-sited projects, Nokomis aims to provide more localized and efficient energy solutions.
Partnership with Great Bay Renewables
Brendan Dillon, Co-Founder and President of Nokomis Energy, expressed his enthusiasm about the new partnership: “We are excited about the impact of our collaboration with Great Bay on our ability to deploy distributed generation projects in established and emerging markets across the Upper Midwest. Leveraging Great Bay’s proven expertise in supporting utility-scale project developers, we aim to replicate this success in expanding our distributed generation platform. This investment enables us to adopt a long-term perspective in delivering clean energy solutions tailored to the communities where we live and work.”
Great Bay’s Strategic Investment
Frank Getman, CEO of Great Bay Renewables, highlighted the significance of their partnership with Nokomis: “The Nokomis team has an outstanding track record of development success in and around their home market of Minnesota, having commercialized over 45 projects to date. With Nokomis, we are making our first dedicated investment into the distributed solar market. Distribution-scale solar represents an exciting diversification opportunity for Great Bay. Our flexible, partner-like capital has helped create significant value for our existing development partners and we believe this investment will give Nokomis the resources to advance its existing portfolio and scale the platform.”
About Great Bay Renewables
Great Bay Renewables, headquartered in Portsmouth, New Hampshire, provides capital to the renewable energy sector in exchange for royalties in renewable energy generating facilities at all stages of their life cycle.
To date, Great Bay has committed more than $400 million in royalty financing into the renewable energy sector, creating royalty agreements on over 35 renewable energy projects totaling nearly 8.2 GW.
The management team at Great Bay has extensive experience in renewable energy development, financing, and operations across a variety of renewable technologies throughout the United States.
Great Bay is supported by Altius Renewable Royalties Corp. (TSX: ARR) (OTCQX: ATRWF) and certain funds managed by affiliates of Apollo (NYSE: APO).
About Nokomis Energy
Based in Minneapolis, Minnesota, Nokomis Energy is a clean energy development platform that focuses on 1-30MW distribution grid-sited clean energy projects across the Upper Midwest.
Nokomis Energy collaborates with local organizations, businesses, and utilities to identify and develop clean energy projects that help transition to sustainable energy resources.
Since its inception in 2017, Nokomis has developed more than 45 projects across three primary market categories: Community Solar, Behind-the-Meter, and Direct-to-Utility.
Future Prospects
This strategic investment from Great Bay Renewables positions Nokomis Energy to scale its platform and advance its portfolio of clean energy projects. By leveraging their expertise and resources, Nokomis Energy aims to drive the clean energy transition and deliver tailored energy solutions to communities in the Upper Midwest.