SOURCE: Summit Power

Summit Power

June 21, 2011 11:00 ET

Summit Power Group Closes Multimillion-Dollar Series B Financing

Distinguished Energy-Industry Executive, Harrison Wellford, Joins Board

SEATTLE, WA--(Marketwire - Jun 21, 2011) - Summit Power Group, a leading developer of climate-friendly electric power projects, today announced the closing of its series B financing, representing the first outside investment in the company's history. Wellford Capital Management led the multimillion-dollar investment in partnership with Commercial Centers Management. With this round of funding, Harrison Wellford, CEO of Wellford Capital, will join Summit's Board of Directors.

"Summit is fortunate to have a deep level of industry expertise and an ability to capitalize on the growing market for clean energy technologies," said Eric Redman, president of Summit Power Group. "With this funding, we are well positioned to quickly accelerate the company's growth and ensure our continued success in the ever-changing power project development market."

Summit has a strong history of successfully leading the development of large, low-carbon power projects with over 7,000 megawatts of electric power plants in operation and over 2,000 MW in development or under construction, including 537 MW of solar power generation, 530 MW of wind power generation and 1,270 MW of natural gas generation. Summit also has 100 MW of other new technology projects under development and has been an active supporter of clean energy entrepreneurs. Most notably, Summit is the developer of the Texas Clean Energy Project (TCEP), a first-of-its-kind integrated gasification combined cycle (IGCC) 400 MW power/poly-gen plant with ninety percent (90%) carbon capture, sited in the Permian Basin of West Texas. TCEP is supported by a grant from the U.S. Department of Energy's Clean Coal Power Initiative.

Harrison Wellford, Summit's newest board member, is widely recognized for his long career in the alternative energy and political arenas. Most recently, he served as vice chairman of Sithe Global, a leading independent power producer, and head of the energy and international project finance group at the global law firm Latham & Watkins. Mr. Wellford has also served as a top aide in the U.S. Senate, a White House advisor on several presidential transition teams, and executive associate director of the Office of Management and Budget in the executive office of the president, the top managerial policy job in the executive branch. He currently sits on the steering committee for the Green Bank Coalition, which helped develop legislation now pending in Congress to create a government-sponsored bank to promote long-term investment in clean energy.

"Throughout my extensive work in the industry, I have long viewed Summit as a leader in renewable energy development and now on carbon capture and sequestration as well," said Harrison Wellford. "It is a tremendous privilege to serve on the Board with leaders such as Summit's chairman Don Hodel, CEO Earl Gjelde, and Eric Redman, who are well-known in the energy community for their vision, innovation, and integrity. We believe the relationship between Wellford and Summit represents the perfect combination for driving long-term growth and success."

Wellford Capital Management was joined in the investment by Commercial Centers Management (CCM), a company that manages over five million square feet of commercial space in Puerto Rico, Florida, and the Midwest of the United States. Assets include such signature projects as the Santa Rosa Mall, the Scotiabank building, and Winter Park Village in Orlando.

"There are many natural synergies between real estate investment and electric power project development," said CCM President Vadim Nikitine. "This was an opportunity to back a highly experienced team of developers seeking to bring first-of-a-kind clean energy projects to the market, including carbon capture and sequestration at significant commercial scale. We believe that through our participation in this round of funding, we can help make that vision a reality."

About Summit Power Group, LLC
Summit Power Group, LLC excels in the innovative development of electric power projects. Led by experienced professionals with an extensive knowledge of the energy industry in the United States and abroad, Summit has a remarkable track record of developing large, low-carbon energy projects with over 7,000 megawatts of electric power plants in operation, and over 2,000 MW in development or under construction. Total Summit-led projects in service or under contract, including O & M agreements, represent over 7 billion dollars of investment.

About Wellford Capital Management
Wellford Capital Management is the investment arm of the Wellford Energy Group, a firm dedicated to helping develop and finance clean energy projects across the country. Wellford Energy is led by Harrison Wellford who has spent over 25 years in the alternative energy and political arenas as a presidential advisor, policy analyst and advocate, senior executive of clean tech companies, entrepreneur and regulatory and project finance lawyer. Mr. Wellford has advised Democratic presidents elect, Presidential nominees and Senate committees on presidential transition planning for over 20 years. He served as Chairman of Latham & Watkins energy practice where he helped establish the firm's Clean Technology Group.

Contact Information

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