Plus Renewables and 424 Capital Enter into a Merger Agreement for Asset Management Businesses in North America

HONG KONG SAR – Media
OutReach – 12 January 2021 – Plus Renewable Technologies Limited
(“Plus Renewable“) today announced that its subsidiary, SP
Energy (USA) One LLC (“SP Energy“), the parent company of Radian
Generation LLC (“Radian“) has entered into a merger agreement with a subsidiary
of 424 Capital (“424“). The business will operate under the name of
Radian Generation LLC. This partnership will support the continued growth of
Radian’s renewable energy asset management services and RadianLENS^TM
software offerings and provide capital for expansion opportunities.

 

Radian
provides asset management solutions and software to the renewable energy
industry.  Radian’s offerings currently
support over 18GW of solar and wind facilities with individual project sizes
ranging from 30kWp to over 600MWp. Radian’s comprehensive services includes the desktop elements of
accounting, contract management, regulatory compliance (including NERC), and
performance engineering. The RadianLENS^TM asset management software
leverages industry-leading cloud computing platforms and focused business
processes to enable asset managers to monitor and manage, operations,
contracts, finances, and field services for their projects & portfolios.

 

Under
the terms of the merger agreement, Radian will be owned 60% by 424 and SP
Energy will own the remaining 40%.

 

424 is
a private equity and venture capital firm based out of Boston, Massachusetts.
424 has a 20-year track record investing in and fostering growth companies in
technology enabled service solutions across different sectors with a recent
focus on healthcare and renewable energy and are committed to supporting
companies which make a positive impact to the environment or society and
consider the investment in Radian consistent with their mission and values.
424’s investment will enable Radian to consolidate its position in North
America and further broaden its service offering into new sectors and markets.

 

Plus
Renewable and 424 will provide their industry expertise to help grow the
business even further with the aim of becoming a global market leader in the third
party asset management services while also developing Radian’s flagship renewable
energy management software solution RadianLens™ to become the gold standard of
asset management platforms.

 

Paul
Cheng, CEO of Plus Renewable remarked: “By
creating a strong partnership with 424 to bring together our respective
expertise, we are expanding on an emerging and increasingly important sector
where Radian has already established a dominant position in North America. We
sincerely believe in Radian’s future and we are totally confident that with this
new partnership under Joe Kastner’s leadership as CEO of Radian, Radian will continue
to reach new milestones for the business.”

“We
strongly support Radian’s mission and are seeking to do our part to support and
enhance the mission, not to change it. The partnership between Plus
Renewable, 424 and Radian will accelerate Radian towards the goal of creating
the leading, global, best-in-class platform for renewable energy asset
management. We are strong believers in the enhanced role renewables need to
play in the global energy mix and believe this is one of the most important
times to be investing our time and capital in this space. We are certain
that together we can make real impact,” said Walter Beinecke, Partner of 424.

 

“We
have built a robust platform dedicated to providing best-in-class asset
management services and software over the past 8-years and are excited to be
operating under this new ownership structure with 424 and Plus Renewable,” said
Joe Kastner, CEO and Founder of Radian. “This partnership provides a great
environment for strengthening our existing offering while expanding our product
and geographic footprint.”