US-based green energy solutions provider Bitech Technologies has agreed to combine with solar and energy storage developer Bridgelink Development, for the development of a 5.8GW pipeline of utility-scale assets.
The two companies have pre-negotiated financing towards procurement of key resources, and the forming joint venture with a large-scale infrastructure group.
The 5.8GW of utility-scale assets include 3.8GW of solar projects and 1.9GW of Battery Energy Storage Systems (BESS) projects in the US including Texas, Arizona, and Louisiana.
Bitech and Bridgelink will continue the development of the projects, through a share subscription agreement for up to $250m investment.
The two will also sign a committed Letter of Intent for Texas late-stage BESS projects for up to $100m, along with the sale of the Incentive Tax Credits (ITC).
Bridgelink chairman and CEO Cole Johnson said: “The successful pre-negotiated financing, procurement, and joint venture with a larger infrastructure group represent significant milestones for Bridgelink as we contribute to this business combination with Bitech to continue to drive innovation and sustainability in the energy sector.
“These strategic initiatives position us for continued success as we work diligently to bring our solar and energy storage projects to fruition.
“We are excited about the opportunities with Bitech that lie ahead and remain dedicated to our mission of advancing clean, renewable energy solutions.”
The business combination involves a capital infusion of not less than $50m into the newly combined entity, upon closing this transaction.
The combined company will use the investment for business operations including development projects, ongoing technology innovations, identification, pursuit, and emerging technologies.
The technologies include BESS, Solar, EMS, EV charging storage, microgrids, and other such clean technologies.
Upon closing of the business combination, Bitech shall have two operational units, one will execute the development projects, and the other will pursue the technology solutions.
Bitech Technologies chairman and CEO Benjamin Tran said: “Bitech is delighted to announce our partnership with Bridgelink, a leading company in the solar and energy storage industry.
“This collaboration is a perfect match for Bitech’s dedication to providing cutting-edge and sustainable energy solutions.
“By joining forces, we aim to advance Bridgelink’s impressive pipeline of solar and energy storage projects while navigating the complexities of project development together.
“Our collective strengths and expertise will allow us to bring these projects to completion efficiently, delivering tangible benefits to our stakeholders and the communities we serve.
“As two companies committed to the clean energy transition, we are excited about the potential impact this partnership can have on accelerating the shift towards a more sustainable future.”
