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Brightfields Development LLC
May 2010
Brightfields Development LLC combines decades of property
redevelopment and energy project experience. Brightfields has a
competitive edge over others in the solar market because of the
experience of its principals, who have redeveloped contaminated sites
nationwide for a range of uses, most recently as Renova PartnersLLC.
Brightfields is able to obtain contaminated land for its solar projects at
an attractive price, reflecting a discount for contamination andreduced
remedial costs that are necessitated when constructing a solar field.
In addition to brownfields redevelopment expertise, Brightfieldshas a
very experienced team of power professionals that have successfully
developed power projects of several types over many decades.
Brightfields personnel have completed the development of coal and oil-
fired power generation projects, gas-fired cogeneration projects,
combined cycle projects and fluidized bed-biomass projects. The
Brightfields team has negotiated several PPAs and interconnection
agreements with utilities and completed the regulatory process for
developing power projects in New England and throughout the United
States.
Developing utility scale solar power on
municipal and private landfills and vacant
land
Two sites currently under development for
16 MW in two states
Leveraging the experience of the principals in
both the energy and environmental fields
John B. Hanselman –Mr. Hanselman is a Managing Principal of
Renova. Mr. Hanselman has spent the last 28years in real estate and
entrepreneurial companies in the senior executive and CEO roles.
Mr. Hanselman has completed three successful start-ups in real
estate and technology, with over $2 billion in transactions.
Ronald Kelly–Mr. Kelly is a Registered Professional Engineer and
MBA with 15 years experience as an independent power producer.
Mr Kelly also had 15 years with Thermo Ecotek as it built up oneof
the largest biomass portfolios in the US. Prior to working in the
energy industry Mr. Kelly was a Lieutenant JG in the US Naval
Reserves with active duty in the US Merchant Marines.
Pete Pedersen, Esq. –Mr. Pedersen is a Managing Principal and
founder of Renova. Mr. Pedersen has over 25 years experience in
law, corporate finance, and business with special expertise in
corporate control transactions within the energy and environmental
industry and transactions involving environmentally impaired
properties.
Real estate firm specializing
in the redevelopment of
environmentally
contaminated land
Headquartered in Wellesley,
Massachusetts
National $300mm JV with
Prudential Real Estate
In-house team of developers,
engineers, lawyers,
investment bankers and
insurance executives
Principals have completed
over 45 redevelopment
projects having industrial,
commercial and residential
end uses
Renova has demolished over 3,000,000 square feet of buildings and removed
and recycled over 1,000,000 cubic yards of hazardous materials
◦
Johns Manville Asbestos Shingle Factory–26 acre plant demolition program
along with the excavation and removal of over 100,000 cy of asbestos impacted soil.
Site was remediated for residential reuse.
◦
Chevron Marine Oil Terminal–Excavated 120,000 tons of petroleum-impacted
soil from downtown San Diego. Project completed in seven weeks.
◦
Glatfelter Paper Mill––This $50 million remediation of a two million square foot
mill will convert a 550 acre site into a mixed-use development with residential,
retail, resort and recreational components.
Federal DOE 30% Investment Tax Credit
(ITC)for renewable energy has been extended
until 2016
Federal loan guarantee program
Massachusetts Renewable Portfolio standard
of 15% by 2020
Massachusetts Solar Carve Out
◦400 MW of solar power by 2020
◦Solar REC auction: $.30/kWhr minimum
for up to 10 years
Renewable Energy Credit Markets
◦Evaluating an RPS in 2010: VA, IN, KY, TN, FL, LA, OK
◦Modifying an RPS in 2010: MD, CO
◦New RPS / Began implementing their RPS in 2009: MI, OH, WVA
Feed‐in tariffs are slowly gaining momentum in the United States
◦WA, OR, VT, HI and CA implemented or expanded programs –FITs
currently range from 12.5¢to 32¢/kWh of energy produced
◦The city of Gainesville, FL passed the first solar FIT “ordinance,”
which is oversubscribed
◦MI, IN and MN are considering FITs
Puts unused land to sustainable use
Meet consumer demand for green power
Reduce dependency on foreign oil imports
Create jobs under both Federal and state
programs
Reduce greenhouse gases