Eastern Shore Energy, LLC (ESE) announced today they have reached a preliminary financing agreement with Benjamin Travis, COO of World Equity Alliance, Inc (WEA). Based upon this agreement, the WEA Energy Private Equity Fund, LP intends to invest, as a joint venture partner in the development for the ESE projects.
Eastern Shore Energy is actively developing multiple renewable energy projects in Somerset and Worchester Counties, Maryland totaling between 120 and 150 Megawatts (MW’s) of wind, solar, and biomass projects.
National Renewable Solutions, LLC (NRS) is the manager/developer of Eastern Shore Energy. Maryland Hawk Corporation, a founder of the company, is a private nonprofit affiliate to the University of Maryland, Eastern Shore (UMES).
“This agreement furthers ESE’s efforts to promote the development of renewable energy production with community participation on the Eastern Shore,” said Patrick Pelstring, CEO of National Renewable Solutions. “We understand that Benjamin Travis and his partners at World Equity Alliance have a strong history of successful development and investment, and we looking forward to working together.”
ESE is currently studying the feasibility of three wind projects within the two counties and expects to identify additional sites over the next several months. “We believe the current sites offer the opportunity for the initial 40 to 60MW’s of wind development, and we are very encouraged with the results of our feasibility results,” stated Pelstring.
The WEA Energy Private Equity Fund has earmarked up to US $2,000,000 for investment in multiple wind projects. These investments are planned in the preconstruction development phase, which offer significant growth potential. WEA is completing their due diligence and intends to evaluate each future project investment individually.
“We are proud to be a part of this project, that will create regional jobs and promote local economic development on the Eastern Shore”, said Benjamin Travis.
Eastern Shore’s next step is to negotiate the participation of both public and private landowners in the company’s prospective development projects, and complete deployment of its meteorological equipment.