Savion Powers Up, Energizing Utility-Scale Solar and Energy Storage Industry
Accomplished team of renewable energy developers emerge in new company, building on successful project pipeline
Thursday, November 21, 2019
Savion today announced its official launch as a new utility-scale solar and energy storage project development company. Backed by Macquarie’s Green Investment Group, Savion consists of a veteran team of developers, bringing a history of proven experience and more than 8 gigawatts (GW) of utility-scale solar and energy storage pipeline projects under construction, under contract, in operation, and in development.
Led by Rob Freeman and Geoff Coventry, the Savion team will focus on the development of utility-scale solar and energy storage projects in partnership with utilities, municipalities, corporate customers, and landowners across the United States. Freeman and Coventry are building upon a successful history in the renewable energy industry, having previously been co-founders of Tradewind Energy in 2003. Tradewind grew to become one of the most successful wind energy development companies in the United States.
“We are extremely excited about this next chapter and for our team to have the opportunity to continue its project development focus in the rapidly growing solar sector and the emerging energy storage technology market,” said Rob Freeman, chief executive officer of Savion. “The backing from Macquarie’s Green Investment Group provides a strong financial footing to ensure successful projects, enabling our team to pursue the mission of electricity grid diversification.”
The cost of utility-scale solar energy continues to decline, making it competitive with other forms of generation and an attractive investment for utilities seeking to keep costs low for customers. Solar is growing as a desired energy source for corporate and industrial clients who wish to hedge their retail electricity costs, offset their carbon footprint, and diversify investments. Utility-scale solar is the fastest-growing sector in the solar industry. Over the next five years, total installed solar capacity is expected to more than double, according to Solar Energy Industries Association (SEIA) and Wood Mackenzie Power & Renewables.
“The combination of Savion with Macquarie’s Green Investment Group brings together a leading U.S. renewables developer and project pipeline with the capabilities of the wider Macquarie Group across investment, capital raising, and energy trading” said Chris Archer, Head of Americas at the Green Investment Group. “We are excited to work with this experienced team to find new solutions to deliver clean, renewable, low-cost energy solutions to our clients including large corporations, municipalities, and residential communities.”
Energy storage facilities are critical to building resiliency on the U.S. electrical grid. According to Wood Mackenzie Power & Renewables, the U.S. storage market is poised to experience substantial growth due to supportive policy structures and new opportunities for battery storage to provide wholesale market services.