Balanced Rock Power Completes Funding

MOAB, Utah, Aug. 4, 2021 /PRNewswire/ -- Balanced Rock Power ("BRP") announced today a major milestone in completing its transaction with SG Energy, an Israeli originated renewables energy company investing in the United States, that establishes a long-term partnership and supports BRP's growth in the US renewable business. The partnership includes an equity investment in BRP, the funding of ongoing development activities, and a letter of credit facility to support the development of projects in the United States.  BRP was represented by Lazard Freres in the transaction, SG Energy was represented by Macquarie Capital in the transaction.

Headquartered in Moab, UT, BRP is specializing in developing high quality, large scale renewable energy projects with an initial engagement in the western United States. The business, which was founded by Dana Diller, John Knight, Eric Hafner, and Grant Keefe, has a strong focus on doing good in the world through investments, people, and the communities where it will be active. This is the paramount philosophy the BRP team will implement in providing renewable products to customers and engaging with industry partners. The company already has a pipeline of projects under development, and the partnership with SG Energy will solidify the required capital to continue to development the portfolio, and the company.

"Balanced Rock Power's team has deep experience in the utility markets throughout the United States. In our collective careers, we have developed, engineered, constructed, and commissioned over five gigawatts of operating renewable energy projects in the United States. This expertise, along with our deep commitment to treating people, and our planet with respect and care, will provide a strong platform for the sustainable growth of our business.  I am very pleased to have SG Energy as a partner in accelerating a sustainable future," says CEO John Knight.

"We are thrilled to partner with Balanced Rock Power to scale its development efforts across the United States," said SG Energy VP Business Development Yuval Bar-Yosef. "We look forward to supporting the company's success in deploying clean energy resources to meet the increasing demand for renewables."

About Balanced Rock Power

BRP is committed to driving the business of clean energy and accelerating a sustainable future.  Our development activities will prioritize large utility-scale solar and battery energy storage assets through greenfield development and accretive acquisitions. Founded by a seasoned team with over 50 years of experience in renewable energy development, BRP develops, invests in, and sells renewable energy projects throughout North America.

About SG ENERGY

SG Energy is a US energy company and a fully owned subsidiary of Supergas Energy, an Israeli energy company traded on the Tel Aviv Stock Exchange (TASE), which is controlled by the Elco group, one of the leading holdings companies in Israel. SG Energy is focused on the US renewable energy market, with the goal of promoting and realizing solar energy and storage projects through partnerships, investments and entrepreneurship.

SOURCE Balanced Rock Power