Eastern Shore Energy (ESE) says it has reached a preliminary financing agreement with World Equity Alliance (WEA) to serve as a joint venture partner in the development of renewable energy projects.
ESE is developing multiple renewable energy projects in Somerset and Worchester counties, Md., totaling between 120 MW and 150 MW of wind, solar and biomass projects.
The company says it is currently studying the feasibility of three wind projects in Somerset and Worchester counties and expects to identify additional sites over the next several months.
The WEA private equity fund has earmarked up to $2 million for investment in multiple wind projects. These investments are planned in the pre-construction development phase and offer significant growth potential, according to ESE. WEA is completing its due diligence and intends to evaluate each future project investment individually.
ESE says the 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.