Great Bay Renewables Successfully Closes First MISO Interconnection Open Season and Announces New Open Season for PJM Transition Cycle 2
Portsmouth, NH (August 7, 2025) – Following a fully-subscribed first deployment into the MISO market, Great Bay Renewables (“Great Bay”) today announced the launch of an “open season” to allocate interconnection security capacity for PJM’s Transition Cycle 2.
The announcement follows the successful closing of facilities with top-tier renewable energy developers to support M3 milestone deposits for projects in the 2022 MISO study cycle. This successful deployment demonstrated broad market acceptance of Great Bay’s innovative financing solution and its ability to meet the significant demand for creative capital to address growing grid interconnection requirements.
Building on this momentum, Great Bay is now accepting requests for its next allocation of interconnection capital. This open season will focus on providing security for developers with projects in PJM’s Transition Cycle 2 and offers an opportunity for developers to secure capacity for the placement or refinancing of new MISO M2 deposits or refinancing existing M3 deposits. Interested parties are encouraged to contact Zach Farrar at zfarrar@greatbayrenewables.com and submit requests by August 22, 2025.
Frank Getman, CEO of Great Bay, commented, “The overwhelming response we received in MISO underscores the critical need for flexible, alternative financing for interconnection deposits. We are excited to bring this now-proven solution to developers in PJM, removing the financial hurdles that stand in the way of building the infrastructure required for American energy dominance.”
This milestone demonstrates the facility’s seamless integration with existing developer financing. Great Bay provides truly incremental credit, allowing partners to post necessary deposits without tying up their primary credit lines. This frees up significant capital for core project development and pipeline growth.
About Great Bay Renewables:
Great Bay Renewables, based in Portsmouth, New Hampshire, provides creative capital solutions to the renewable energy sector. Specializing in royalty financing, Great Bay provides capital for renewable energy projects at all stages of their life cycle, including addressing critical financial hurdles such as interconnection security deposits. To date, the company has committed more than $620 million to the sector, creating royalty agreements on over 35 renewable energy projects totaling approximately 8.2 GW. Great Bay’s management team has extensive experience in renewable energy development, financing, and operations across a range of technologies throughout the United States. Great Bay is backed by Altius Renewable Royalties Corp. and certain funds managed by affiliates of Apollo (NYSE: APO).