Palladium Energy (Palladium), through its joint venture with Arava Power Company (Arava), has announced the sale of a 364MW solar plus 280MWh storage portfolio to Exus Renewables North America (Exus), a Pittsburgh-based renewables owner, developer, and asset manager. Palladium is a leading utility-scale power infrastructure developer in the United States with a robust project pipeline in PJM, MISO, SERC, ERCOT, and WECC. Arava is a global developer-IPP that pioneered the Israeli utility-scale solar market and has recently advanced into the US market. The portfolio consists of three mid-stage projects located in PJM and MISO. Palladium and Arava originated the projects, executed site acquisition, performed diligence and early-stage development, and advanced the projects in their respective interconnection queues. Exus will continue the development, construction and asset management of the portfolio.
“We are thrilled to announce the sale of these projects to a leading asset manager like Exus,” said Palladium CEO, Danny Weidlich. “The transaction demonstrates the quality of the projects and the Palladium execution team. We are also thankful to our partner, Arava, for enabling the development and sale of these projects.”
“We are proud of the excellent projects we developed with our partners at Palladium and their successful sale to a top-tier shop like Exus,” said Arava CEO, Ilan Zidkony. “Developing and selling these projects marks another milestone in Arava’s expansion into the US renewables space, establishing our commitment and capabilities in the market.”
KeyBanc Capital Markets served as the Exclusive Financial Advisor for the transaction.
Palladium Energy
Palladium Energy, founded in 2019 in Jacksonville, FL, is committed to providing clean and sustainable energy across the country for a brighter future through the acquisition, development, and financing of utility-scale power infrastructure projects. Palladium, driven by people and progress, has an extensive track record of successfully energizing energy projects in the US and international markets and across technologies/fuel types (solar, storage, wind, gas, biomass). Today Palladium is developing a solar and storage portfolio of 4GWs across PJM, SERC, MISO, ERCOT, and WECC.
Arava Power
Founded in 2007 and headquartered in Hertzeliya, Israel, Arava Power is a utility-scale renewables Developer-IPP that pioneered the Israeli utility-scale PV market. The company’s expertise and years of experience have allowed it to build one of the most profitable portfolios in the industry, maintaining and improving performance through excellence in development, technological innovation and advanced asset management operations. Today, Arava Power holds a multi-GW development portfolio in Israel and the U.S, across utility scale PV and BESS, Agrivoltaics and Distributed Energy Systems.
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