Diverso Energy and Eolectric Capital Inc. announce $55 million Geothermal Utility partnership
Waterloo, ON (Thursday, October 5, 2018) – Diverso Energy, a leading geothermal utility company, and Eolectric Capital Inc. (EOCAP), an investment fund for renewable energy projects, announced today a strategic and financial partnership worth $55 million.
The partnership between Diverso Energy and EOCAP is focused on a range of large-scale geothermal heating and cooling projects across North America. Geothermal technology has historically struggled to gain market penetration or to be perceived as a viable option for large-scale projects. By connecting Diverso Energy’s technical strength and EOCAP’s financial expertise, Diverso Energy can overcome traditional barriers like capital cost, construction budget impacts and complex technology risks that have stood in the way of market acceptance. Created specifically to overcome these barriers while providing developers with all of the benefits of geothermal technology, Diverso Energy has been successful in eliminating the need for fluid coolers and boilers as a way to reduce construction budgets. Because they design, build, own and operate the geothermal systems, the partnership between EOCAP and Diverso Energy provides the opportunity to offer developers the assurance to move forward with a renewable energy solution, no matter the scope of the project.
“This partnership with Eolectric Capital Inc. opens a new chapter in our company’s history of delivering geothermal solutions for the multi-family, commercial and institutional market across North America,” said Diverso Energy’s Co-Founder Tim Weber. “Not only do we have 25 years of combined technical experience in the geothermal industry, we now have a financial partner who is well-capitalized with a long history in renewable energy. Together, our complementary skills and expertise will bring increased confidence to the clients we work with.”
“We could not have found a better partner than Diverso Energy for this geothermal initiative,” said EOCAP’s President Marc-Antoine Renaud. “They strike the perfect balance of technical and commercial understanding and they have a pristine track record for design, execution and operation of projects. Combining Diverso Energy’s expertise with our financial engineering and depth is proving very successful based on the responses we are getting. We already have numerous projects in various stages of construction and a significant pipeline of committed projects for 2019 and 2020.”
About Diverso Energy
Diverso Energy is a geothermal utility company that designs, builds, owns and operates geothermal systems for multi-family, office and institutional buildings. Diverso Energy’s business model reduces construction costs by eliminating the need for conventional equipment and converts a capital cost into an operating expense. As a result, developers benefit from the improved real estate valuation and achieve mandated green targets without any of the risk. www.diversoenergy.com
About Eolectric Capital Inc.
Eolectric Capital Inc. (EOCAP) is a joint venture between Fondaction and Eolectric , a pioneer in developing, financing, building, owning and operating renewable energy projects across North America. Founded in 1994, Eolectric, together with its partners, has developed more than 900 MW of operational wind farms, and holds a portfolio of renewable energy projects representing almost 2,000 MW in North America, including biogas and geothermal projects. In addition to project development, Eolectric manages the Eolectric Club, L.P. investment fund, as well as the 101 MW Vents du Kempt wind farm. www.eolectric.com