Seventus was founded by Tim Rosenzweig, former CEO of Goldwind USA and chief financial officer of First Wind, and Andy Evans, ex-director of commercial transactions for Goldwind USA.
With capital from the Export-Import Bank of India, the company has bought $44 million worth of safe-harboured equipment, which equates to $875 million of projects, said Rosenzweig.
The US production tax credit is being phased-out, and by paying or incurring 5% or more of the total cost of the facility, the "5% safe harbour" a project is deemed to have started construction, and is thereby eligible for the credit.
In an inaugural purchase, Chicago-based Seventus has bought Gaelectric’s dormant 235MW Jawbone cluster in Montana.
"We are happy to add the Jawbone projects to the growing Seventus development pipeline," said Rosenzweig.
The first 80MW first project will use 38 Suzlon S111-2.1 turbines and is expected to begin construction in 2019.
Seventus is also developing the 200MW Wharton project near Houston, Texas, and another project of roughly the same size in west Texas.