Renewable Energy International LLC (“REI”) was founded in December 2006 by Jeff Potter. Originally, the company was focused on renewable energy projects in Europe, predominantly wind and solar. The wind portfolio grew rapidly across five countries, totaling over 1,500 MWs within two years. After ten years of successful development, political changes forced the company to re-position itself and enter the US solar market in 2016.
REI’s current business model is aimed at the development and construction of a large portfolio of ground-mounted utility scale solar PV projects in the US Northeast and Southeast. The Company already has a large portfolio of sites in Massachusetts and Florida, although the company only started actual operations in January 2017.
REI plans to create a geographically diversified portfolio in the US. The parameters used to select the states for development are total build-out, capacity factor, regulatory support and power pricing. Massachusetts was the first state chosen, not because of a high capacity factor, but because of its build-out rate, power prices and very strong support system put in place by its Democratic legislature and Republican governor. For each state, individual sites will be selected by their proximity to an interconnection option and potential size in MWs, the latter to benefit from economies of scale.