CALGARY, ALBERTA--(Marketwired - April 23, 2014) - BluEarth Renewables Inc. (BluEarth) today announced organizational changes as it heads into a phase of increased construction activity while continuing to actively pursue acquisitions.
Within its executive team, Grant Arnold moves into the role of Chief Operating Officer overseeing the development and operations of BluEarth's projects. Kathy Bolton, Chief Financial Officer, will take on leadership of Business Development with Nick Boyd being promoted to Director, Business Development & Finance. The Business Development team will continue to support BluEarth's target of $1 billion of spinning assets.
"Last year we added close to $400 million of solar and hydroelectric projects to our portfolio. By the end of 2015 we expect to have more than $600 million of high-quality, long-term contracted hydro, solar and wind assets online," said Kent Brown, President & CEO.
BluEarth has been implementing an aggressive growth strategy over the past year. The Company acquired five solar projects totaling 48.5 megawatts (MW) in Ontario; the 8.5 MW Little Creek Solar Plant was brought online in March 2014 and the remaining four are close to starting or under construction, and expected to online by year-end. In addition, construction is now underway on BluEarth's 15 MW run-of-river hydro project in British Columbia which is expected to be operational by the end of 2015. BluEarth and its partner the Batchewana First Nation are nearing completion of the regulatory process for the 60 MW Bow Lake Wind Project in Ontario. Construction is anticipated to start later this year. The Company has closed over $115 million in debt financing for two of its five solar projects and anticipates closing over $400 million in debt financing for its remaining solar, hydro and wind projects in the coming months.
"The next two years will be defining for BluEarth and these organizational changes ensure we are well-positioned to execute on all phases of our business," added Brown.
About BluEarth Renewables Inc.
Headquartered in Calgary, Canada, BluEarth is a private independent renewable power producer, focused on the acquisition, development, construction and operation of wind, water, and solar projects in North America, with a primary focus in Canada. With the most experienced renewable energy development team in Canada, BluEarth's mission is to be the Canadian renewable energy leader by developing, building, and operating a portfolio that optimizes people, planet, and profit. BluEarth believes it has the power to change the future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit bluearth.ca.