Nation’s Leading Independent Developer Expands to 10+ GW Solar + Storage Pipeline
Los Angeles, CA– December 8, 2018– 8minute Solar Energy (“8minute”), the largest independent solar and storage developer in the U.S., is announcing an ownership transition. 8minute was founded in 2009 by Martin Hermann and co-founded by Tom Buttgenbach. Under the terms of the transaction that are effective immediately, Buttgenbach and the 8minute management team will purchase Hermann’s shares in 8minute, and have full ownership of the company. With this ownership change, Martin Hermann transitioned out of his CEO role and shareholder of 8minute, and Buttgenbach will transition to President & CEO.
To date, 8minute has greenfield developed over 1 gigawatt of operational projects, executed over 2 gigawatts of power purchase agreements (PPAs), and has more than 60,000 acres under development.
8minute holds a number of industry records as the first developer in America to beat the price of fossil fuels with an operational solar PV plant, and has the current record low-price for a solar project in the country. In addition to being one of the most profitable utility-scale developers in the U.S., 8minute is the largest solar + storage developer in California, the first state to drive towards 100% renewable energy. Under Buttgenbach’s leadership, the company will maintain its focus on delivering exceptional value and executing on the nationwide solar + storage projects under development, now surpassing more than 10 gigawatts.
“There has never been a more exciting time in the U.S. energy market. The industry’s transforming to where renewables will be the dominant form of power now that generation costs are lower than fossil fuels. This evolution will be led by large-scale solar and storage projects, and 8minute will continue to be at the vanguard of the industry,” said Tom Buttgenbach. “I’m grateful to our incredibly talented team and to Martin for their hard work over the past nine years.”
“In the past 9 years we have worked successfully to accomplish a differentiated positioning for 8minute which has allowed us to become the leading independent developer in the U.S. I am proud that we have been able to set a number of industry-firsts, most recently with the first utility-scale power plants with bi-facial modules on single axis tracker. We have also set a number of price records for PPAs in the US, most recently with the Eagle Shadow Mountain project,” said Martin Hermann, Founder of 8minute. “I want to thank all the 8minute team, our customers, suppliers, and partners who have supported 8minute, and made our accomplishments to date possible. I’m excited to watch the great team at 8minute with one of the largest and most competitive PV/PVS portfolios in the U.S. continue to flourish. The electricity industry is currently going through a huge transformation, which is exciting for all of us.”
About 8minute Solar Energy
Founded in 2009, 8minute Renewables is the nation’s largest independent developer of solar PV and storage projects. To date, 8minute has 10+ GW of solar and storage under development in North America, 1100+ MW in operating solar assets, and been awarded 2 GW in power purchase agreements. The company is developing some of the largest solar plants in the world, including the 800 MW Mount Signal farm in California. 8minute has an unmatched ability to produce affordable, clean energy, and to deliver strong financial returns on utility-scale solar and storage projects. The company’s Eagle Shadow Mountain Solar Farm in Nevada holds the current record low price for a solar project in America. For more information, please visit www.8minute.com.