Charleston SC Real Estate

A hybrid energy developer is targeting South Carolina among the states where it plans to build a plant.

NTE Energy of St. Augustine, Fla., announced that it is partnering with Energy Investors Funds, a private equity group, in a joint hybrid energy venture. The two intend to develop plants that combine renewable power systems such as biomass or solar with natural gas turbines, as are found in many more traditional power plants. New projects in South Carolina, Alabama and Florida will be announced soon, the two firms said in a statement. No other details about the S.C. project were available today.

“Hybrid renewable energy is a great way to produce large quantities of clean, renewable energy in a cost-effective manner,” said Seth Shortlidge, president of NTE Energy. “We are delighted to partner with EIF to develop and construct a number of these facilities in the upcoming years.”

Energy Investor Funds is a private equity fund that invests in the independent electric utility industry. It was founded in 1987.

Lucas Missong, vice president of Energy Investors Funds, said, “We are excited to be involved in funding the development and deployment of this exciting technology. We believe it will revolutionize the generation of clean, renewable energy in the United States.”

Source: Charleston Regional Business Journal, April 7, 2010