New MISO Interconnection Deposit Loan Facility

Pierce Atwood represented Great Bay Renewables in connection with its establishment of a $10.1 million interconnection deposit loan facility to support its development partner, Hexagon Energy. 

Hexagon is a U.S. renewable energy developer with an approximately 7.0 GW development portfolio. This secured facility will fund the refundable portions of certain MISO interconnection deposits for six solar development projects totaling approximately 1,500 MWac that Hexagon has selected for advancement in the MISO interconnection queue.

Frank Getman, CEO of Great Bay, noted, “One of the added benefits of this deal is establishing and confirming the process for Great Bay to post interconnection deposits with MISO on behalf of third parties. We’re hopeful that this could be the beginning of an entirely new product that would result in new royalties or options to acquire royalties with other developers who are not currently partners with Great Bay. Funding interconnection deposits may represent the single biggest pain point in the renewables market today. We’re working hard to make this new product part of the solution.”

Pierce Atwood previously assisted Great Bay Renewables with its $45 million royalty financing of Hexagon Energy, and other royalty investment transactions. Pierce Atwood attorneys played a critical role in developing this royalty investment structure.