Ten West Link Unrealized
Ten West Link is a planned energy infrastructure project that will connect electrical substations in Tonopah, Arizona and Blythe, California. The new 500kV power line will improve transmission system efficiency and reliability while facilitating the development of new renewable energy and energy storage resources in Arizona and California. This will help both states achieve their renewable energy standards and carbon reduction goals.
Ten West Link will also bring significant economic, reliability and public policy benefits to the electric power grid serving the Desert Southwest – one of America’s fastest-growing regions. The project spans 125 miles, and uses the U.S. Department of Energy’s “Energy Corridor” and U.S. Bureau of Land Management’s-designated utility corridors. Additionally, the project avoids the Kofa National Wildlife Refuge and all major population centers.
The project is expected to be operational by the end of 2023. More information can be found here: https://tenwestlink.com/.
Radial Power Unrealized
Lotus formed Radial Power in May 2022 as a Commercial & Industrial (“C&I”) platform company and entered into a joint venture with energyRe in September 2022. Radial Power is focused on installing solar, battery storage and EV chargers on C&I properties to serve C&I customers, community solar programs and utility programs.
The Radial Power leadership team has 90+ years of experience across all types of development, operations, M&A and financing, ideal for leading execution of projects in the portfolio’s pipeline. Radial Power’s first two foundational customers, Starwood Capital and the Related Companies have a footprint of +2,000 assets nationwide. More information can be found here: https://radialpower.com.
BerQ RNG Unrealized
In August 2021, Lotus acquired a controlling stake in BerQ RNG (“BerQ”) along with its assets, operations, and intellectual property. BerQ is an established renewable natural gas (“RNG”) developer with experience across all types of biogas feedstock, including landfill gas, manure and foodwaste, and currently owns a diverse portfolio of operating and development-stage RNG projects across the US and Canada. More information can be found at: http://www.berqrng.com/.
Crane Solar Unrealized
Crane, located in Crane County, TX, is a 150MW AC solar project that sells energy and renewable energy credits to a subsidiary of Vistra Corporation under a PPA through 2032. Lotus acquired the project from Con Edison Development in 2021. Crane was part of a portfolio that also included Coram Wind, which was sold in December 2021.
Shannon Wind Unrealized
Shannon Wind is a 204MW wind project located in Clay County, Texas. Lotus and Alterra Power Corp. own the sponsor interests in the project through a 50/50 joint venture partnership.
Construction financing for the project closed in June 2015 and it was completed in December 2015 on-time and under-budget.
The project benefits from 13-year offtake agreements and tax equity financing, which was used to repay construction debt at commercial operation. The project also entered into a 13-year Renewable Energy Credit purchase agreement with Facebook, Inc.
Stephens Ranch Unrealized
Stephens Ranch is a 376MW, two-phase wind project located 45 miles south of Lubbock, Texas.
Lotus began construction on the projects in December 2013 through separate project financings for each phase. The 211MW Phase I project was completed in November 2014 and the 165MW Phase II project was completed in May 2015.
Both phases benefit from 13-year offtake agreements with Citigroup and tax equity financing, which was used to repay construction debt at commercial operation. Construction of each phase was completed on-time and under-budget.
Northwest Ohio Realized
Northwest Ohio Wind is a 100MW wind farm located in Paulding County, Ohio. The project closed financing in October 2017 and achieved commercial operation in August 2018. The project is contracted to General Motors for 100% of the project output under a long-term power purchase agreement.
Lotus sold its interests in Northwest Ohio Wind to an affiliate of CMS Energy, simultaneous with project completion.
Coram Wind Realized
Coram, located in Kern County, CA, is a 102MW wind project that sells capacity, energy and renewable energy credits to Pacific Gas and Electric under a power purchase agreement (“PPA”) through 2032. Lotus acquired the project from Con Edison Development in 2021 along with Crane Solar.
The project was sold to NextEra Energy in December 2021.
Horse Creek and Electra Realized
Horse Creek and Electra Wind are two 230MW wind farms located in Haskell and Wilbarger Counties, Texas. Each project consists of 100 GE 2.3-116 wind turbines. The projects benefit from 13-year offtake agreements with Bank of America Merrill Lynch and long-term fixed-price service agreements from GE.
Horse Creek and Electra closed construction debt and tax equity financing commitments in late 2015 and early 2016, respectively, and achieved commercial operation in late 2016. Lotus sold its interests in the projects to MEAG, the investment arm of MunichRE, and Skyline Renewables in separate transactions in 2017 and 2018, respectively.
Sault Ste. Marie (“SSM”) I, II, and III Realized
Lotus developed a 69MW DC solar photovoltaic project in Sault Ste. Marie, Ontario, Canada. The project was completed in three phases between 2010 and 2011, all three of which were delivered on-time and under-budget. Power from the facilities is sold through 20-year power purchase agreements under the Ontario Power Authority’s Renewable Energy Standard Offer Program (RESOP). The financing of the first phase, which closed in December 2009, was one of the year’s largest solar project financing in North America. The financing of the second and third phases closed in September 2010 and June 2011, respectively.
At the time of its completion, the project was among the largest photovoltaic facilities in North America. In February 2013, the project was sold to an investment vehicle formed by KKR’s Global Infrastructure Fund.
Gainesville Renewable Energy Center (GREC) Realized
One of the largest biomass power plants in the US, Gainesville Renewable Energy Center (GREC) is a 100MW wood-fired power plant located in Gainesville, FL. The project sells energy, capacity and environmental attributes to the City of Gainesville, Florida d/b/a Gainesville Regional Utilities under a 30-year power purchase agreement.
The project was completed in late 2013, on time and under budget. GREC was named “2011 Biomass Deal of the Year” by Project Finance Magazine.
Berlin Station Realized
Berlin Station is a 75MW wood-fired power plant in Berlin, NH, making it one of the largest biomass power plants in the Northeast. The project was completed in 2013 and sells its energy, capacity and renewable energy credits to the Public Service Company of New Hampshire under a 20-year power purchase agreement.
In September 2015, Lotus sold its interest in Berlin to affiliates of one of the other owners of the project.
Nautilus Solar Energy Realized
In December 2008, Lotus acquired Nautilus Solar Energy, a leading, fully integrated, solar independent power producer that develops, constructs, finances, owns and manages distributed solar generation systems across North America. Lotus had an extensive track record of working with Nautilus principals prior to acquiring the company. Under Lotus’ ownership, Nautilus constructed or managed over $400 million in solar systems throughout the United States and Canada, representing over 100 megawatts in nearly 80 different projects.
In mid-2014, Nautilus sold its operating assets to TerraForm Power, Inc. (pre-IPO). In September 2015, Lotus sold its interest in Nautilus in a buy-out led by Nautilus’s management who partnered with Virgo Investment Group.
Startrans (aka, “Meads Transmission”) Unrealized
Lotus owns a minority interest in two transmission lines that it acquired from the City of Vernon in California. The Mead-Adelanto project is a 1,296MW, 500kV AC transmission line that extends 202 miles from Southern Nevada to Southern California. The Mead-Phoenix project is a 1,900MW, 500kV AC transmission line that extends 256 miles from Southern Nevada to Central Arizona. These transmission projects generate stable, regulated cash flows.
Hudson Transmission Project Realized
Hudson is a 660MW, 345kV transmission line connecting Ridgefield, N.J. with Midtown Manhattan. This critical infrastructure project includes approximately eight miles of buried transmission cable, four miles of which is beneath the Hudson River. Operating under a 20-year capacity purchase agreement, Hudson helps the New York Power Authority meet reliability standards for New York City. It also established a link to the larger and more diverse PJM electricity market, the regional grid that includes power producers in 12 states stretching from Pennsylvania to North Carolina and westward to Illinois.
The project began construction in 2010 and achieved commercial operation in the summer of 2013,on-time and under-budget. Starwood Energy sold its interest in Hudson to Argo Infrastructure in March 2019.
Neptune Regional Transmission System Realized
Neptune is a subsea, 65-mile, 660MW high voltage DC transmission line that interconnects the Long Island Power Authority with the PJM regional transmission organization in Sayreville, NJ. The project began commercial operations in June 2007 on-schedule and under-budget. Neptune has historically met roughly 20% of Long Island’s annual power needs and generates stable, contracted cash flows through a 20-year firm transmission capacity purchase agreement with the Long Island Power Authority. Neptune won the North American Infrastructure Deal of the Year Award from Project Finance Magazine in 2005.
Lotus sold its interests in Neptune to Northwestern Mutual in April 2014.
Edgewater Generation Portfolio Unrealized
Edgewater Generation is a portfolio of four natural gas-fired facilities. Fairless Energy Center (1,240 MW), Manchester Street Station (510MW), and Garrison Energy Center (325MW) are combined cycle facilities located in Fairless Hills, PA, Providence, RI, and Dover, DE, respectively. West Lorain Power (545MW) is a simple cycle facilities located in Lorain, OH. Fairless and Garrison sell capacity and energy into the constrained PJM EMAAC region while West Lorain sells into the nearby constrained PJM ATSI region. Manchester sells capacity and energy into the ISO-NE region.
Garrison, Manchester Street and West Lorain also benefit from dual fuel capabilities. Lotus acquired Fairless and Manchester from Dominion in December 2018, West Lorain from First Energy in March 2019 and Garrison from Calpine in July 2019.
The portfolio also included the RockGen Energy facility, which was sold in December 2021.
Excalibur Power Portfolio Unrealized
The Excalibur Power Portfolio consists of interests in three facilities, Plum Point, a 680 MW facility located in Arkansas in the MISO regional market and the Chambers and Logan sites. Chambers and Logan were former 262 MW and 225 MW facilities located in NJ in the PJM regional market until they were retired in 2022.
Plum Point derives a significant majority of its revenue from availability-based power purchase agreements with investment-grade off-takers. Chambers sells steam under a long term steam sales agreement.
Lotus announced the acquisition of the Excalibur Power Portfolio in late 2017, and closed the acquisition in early 2018. The portfolio also included the Morgantown facility, which was sold in June 2020.
Lotus announced the retirement and demolition/partial demolition of Logan and Chambers respectively and is evaluating alternative development opportunities for the sites.
A short video of the most recent Logan Implosion can be found here: LOGAN IMPLOSION.
Dighton Power and Milford Power Unrealized
Dighton Power and Milford Power are located in Dighton, MA and Milford, MA respectively and sell capacity and energy into the ISO-NE market. Dighton Power is a 177MW combined –cycle, natural gas-fired facility. Milford Power is a 163MW combined-cycle, natural gas-fired facility.
Lotus acquired the projects from Dynegy in 2017.
Greenleaf I & II Unrealized
Greenleaf I & II are two 49.5MW gas-fired generation facilities located in Yuba City, California. Both facilities were fully contracted to PG&E and Greenleaf II also sells process steam to an adjacent food processing facility.
Greenleaf I was retired as planned following the expiration of its PG&E contract. Lotus acquired the projects from MUFG in June 2016.
Quail Run Energy Center Unrealized
Quail Run Energy Center, located near Odessa in West Texas, began commercial operations in 2007 and has a nominal capacity of 550MW. The facility provides electric power to the Electric Reliability Council of Texas (ERCOT) system, a power market serving 24 million Texas customers and representing about 90 percent of the state’s electric load.
Lotus announced the acquisition of Quail Run in late 2014, it closed the acquisition in early 2015, and now provides business operation and management services for the facility.
Marcus Hook Energy Center Unrealized
Marcus Hook Energy Center, located southwest of Philadelphia, PA is comprised of an efficient 848MW 3×1 combined cycle natural-gas fired power plant and MH50, a 50MW peaker. The plants are contained within the Sunoco Logistics refinery, to which the plants have historically sold process steam. The combined cycle facility, constructed in 2004, has a long-term capacity contract with Long Island Power Authority through 2030 and sells energy into the constrained PECO region of PJM. The MH50 peaker was retired as planned in May 2019.
Lotus acquired the projects from NextEra Energy in 2016.
The Northeast Portfolio Unrealized
The Northeast Natural Gas Portfolio consists of two combined cycle facilities in New York (Beaver Falls – 108MW, and Syracuse – 103MW), and one simple cycle facility in Pennsylvania (Hazleton – 158MW). The facilities sell power and capacity in the New York and PJM regional markets, respectively. Beaver Falls and Hazleton also benefit from dual fuel capabilities. Lotus announced the acquisition of the Northeast Natural Gas Portfolio in late 2014, and closed the acquisition in early 2015.
RockGen Energy Realized
RockGen Energy (503MW) is a simple cycle facility located in Cambridge, WI. It was acquired by Starwood Energy from Calpine in 2019 and part of the Edgewater portfolio. RockGen sells capacity into the MISO region and also benefits from dual fuel capabilities.
The RockGen facility was sold to Dairyland Power Cooperative in December 2021.
Morgantown Energy Associates Realized
Morgantown Energy Associates (“MEA”) owned a 62MW facility located in PJM and was acquired by Lotus as part of the Excalibur portfolio in 2018. The project had a long term Electric Energy Purchase Agreement (“EEPA”) with Monongahela Power Company (“Mon Power”), a subsidiary of FirstEnergy Corp through 2027. The EEPA was terminated by MEA and Mon Power in 2019 and facilitated the early retirement of inefficient coal-fired electrical production at the facility, which has been in service since 1991.
Lotus led the transition to natural gas-fueled steam-only production to support the project’s obligations with West Virginia University (“WVU”), providing reliable steam supply through existing and new infrastructure investments.
The EEPA agreement termination ended electric production and eventual shutdown of the waste coal boilers which will provide numerous benefits to the Morgantown, WV community. The project was sold to Vicinity, a portfolio company of Antin Infrastructure Partners, in July 2020.
Calpeak Power Realized
CalPeak is a portfolio of five simple-cycle, natural gas-fired peaking projects in California with a total capacity of 260MW. The plants are fully contracted with the California Department of Water Resources through 2011. Lotus acquired the plants from United Technologies Corporation in May 2006. The financing for the acquisition was named the “North America Portfolio Financing Deal of the Year” in 2006 by Project Finance Magazine.
Lotus sold its interests in the company to affiliates of Carlyle Infrastructure Partners in September 2013.
Midway Project Realized
Midway is a 120MW simple-cycle peaking plant, located 60 miles west of Fresno, CA, that was developed exclusively by Lotus Energy. The project closed financing in March 2008 and was completed in May 2009, on-time and on-budget. Lotus Midway generates contracted cash flows under a 15-year power purchase agreement with Pacific Gas & Electric.
Lotus sold its interests in the company to affiliates of Carlyle Infrastructure Partners in September 2013.
Richland Stryker Realized
Richland and Stryker are, respectively, 444MW and 20MW simple cycle power plants located in Northwest Ohio. The projects are situated within the constrained ATSI zone and participate in the PJM forward capacity market. Lotus was the largest investor in a consortium that acquired the projects from FirstEnergy Generation Corporation in 2011.
Lotus and its partners closed the sale of Richland and Stryker to Energy Capital Partners in December 2013.
Thermo Fort Lupton Realized
Thermo is a 272MW combined-cycle power plant and associated greenhouse steam-host located approximately 25 miles northeast of Denver, CO. The project is fully contracted through 2019 via tolling agreements with the Public Service of Colorado and the Tri-State Generation & Transmission Association. Thermo is a key resource for Colorado because it serves as “spinning reserve” capacity, which can be brought online quickly to meet fluctuations in net power supply and demand caused by a heavy reliance on intermittent renewable generation.
In December 2011, Lotus sold its equity interests to the Tri-State Generation & Transmission Association, a non-profit electric cooperative, and the project’s largest purchaser of power and capacity.
Gulf Coast Ammonia Unrealized
Gulf Coast Ammonia (GCA) is a construction-ready 1.3 million ton per year ammonia facility located in Texas City, Texas and will be the world’s largest single-train ammonia synthesis loop once completed. Construction is slated to begin in early 2020 with commissioning expected in the first half of 2023. The long-term cash flows of the facility are supported by 15-year off-take agreements.
Lavaca Midstream Unrealized
Lavaca Midstream is an approximately 260 mile, recently constructed natural gas gathering and compression system located in Lavaca County, South Texas. The system provides gas gathering and compressed gas re-injection services to local oil and gas producers in the Eagle Ford Shale. Lotus acquired Lavaca Midstream from Third Coast Midstream, LLC in December 2019.