California-based Mavericks Renewable Energy Inc. has locked down financing to deliver reliable, renewable energy including microgrids for the emerging cannabis and hemp industry. This will permit growers to realize higher yields at lower costs.
Cannabis, hemp and Controlled Environment Agriculture is the nation's fastest growing agriculture sector and is projected to reach $80 billion in market value by 2025. The industry is energy intensive and the large central utilities have struggled to provide adequate power to support its growth. The dilemma is particularly acute in remote areas, where growers are experiencing problems with grid connections, power availability, and concerns about outages during critical harvest time.
Mavericks Renewables is working closely with industry leaders to provide the necessary energy and resiliency. The renewable energy finance and development company provides turn-key installations that include finance, design, permitting, engineering and construction of renewable energy technologies including microgrids, energy storage, co-generation, solar, IoT cultivation monitoring/controls, CO2 and CHP water delivery.
“Mavericks is proud to be a capital partner to the cannabis and hemp industry in energy generation and infrastructure. Our capital commitment to this energy intensive market will allow the industry to scale and grow in a sustainable manner,” Bill Shevlin, company CEO said.
During its first round, the company has committed $25 million for project financing; however, because of growing demand, additional financing is being allocated. Mavericks is committed to being a capital partner to the cannabis and hemp industry to allow scaling and securitization of their operations.
The preferred capital thus far of the cannabis and hemp industry has been Mavericks Renewable Energy power purchase agreement that delivers reliable, resilient renewable energy at a reduced rate.