Homecoming Capital to invest in Clean Energy Terminals

Led by CEO, Brian Sabina, and Chief Development Officer, Jonathan Kennedy, CET was founded on the principle that OSW ports enable not only clean energy generation, but also long-term economic benefits and good-paying, local jobs. Messrs. Sabina and Kennedy were previously senior executives at the New Jersey Economic Development Authority, where they led the development and construction of the US$1 billion+ New Jersey Wind Port (NJWP), the country’s first purpose-built OSW marshalling and manufacturing port facility. The award-winning NJWP was built with union labour under a project labour agreement and is expected to create up to 1500 new jobs, growing New Jersey’s GDP by US$500 million annually and transforming one of the most historically disadvantaged areas of the state. Building on this experience, the CET team is committed to working in partnership with public port authorities, harbour districts, and municipalities to develop port projects in a community-oriented and environmentally responsible way.

“With the US targeting 110 GW of OSW capacity by 2050, including 15 GW of floating wind by 2035, demand for both port infrastructure and the capital required to build it has never been greater,” said Sabina. “We are proud to partner with Homecoming Capital, a mission-aligned investor who recognises the importance of port development to both the offshore wind industry specifically and to energy independence and decarbonisation at large. Homecoming’s long-term investment horizon, hands-on approach to working with management teams, and understanding that infrastructure needs to be developed in a way that is responsive to local stake-holders makes them a great fit for CET. They have a proven track record of identifying and scaling development platforms and will be invaluable as we grow our company into a leading provider of offshore wind port infrastructure.”

Since its founding in 2019, Homecoming Capital has invested in power, transportation, and industrials companies that are rewiring the economy with zero-emission infrastructure. Previous investments include participation in the take-private of Fjord1, the leading Norwegian electric ferry operator, and a more than US$100 million commitment to Forum Mobility, a California-based zero-emission trucking solutions provider. Homecoming’s investment in CET is its first in the OSW market, and the firm is prepared to provide additional capital to the company as its project portfolio matures.

“As a partner to industry-leading teams, we see first-hand the significant impact zero-emission infrastructure has on accelerating the energy transition. By developing the ports necessary to enable offshore wind, CET is poised to accelerate gigawatts of offshore wind deployment in the years to come,” added Cody Evans, Co-Founder and Partner at Homecoming. “The CET team’s deep experience liaising between the private and public sectors to meet project developer, local community, and government needs, coupled with their technical and commercial expertise, makes them uniquely qualified to be the nation's leading private offshore wind port infrastructure developer. We are excited to partner with CET to achieve their vision and advance the development of the offshore wind industry.”

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Spring 2024 issue

The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.

Read the article online at: https://www.energyglobal.com/wind/30052024/homecoming-capital-to-invest-in-clean-energy-terminals/