Renew Energy Partners Funds Greenfield Resort Development and Monetizes Tax Credits for Shenandoah Nature Resort

The $22M ground source geothermal wells and distribution system on 640-acres in Virginia has begun construction

BOSTON, MA, UNITED STATES, October 27, 2026 /EINPresswire.com/ — Renew Energy Partners (Renew), a GDEV Management-backed energy infrastructure financing platform, today announces a groundbreaking new geothermal project on a greenfield hotel development in the Shenandoah Valley. The investment team behind The Shenandoah Nature Resort has partnered with Renew for a 25-year Thermal Energy Purchase Agreement delivered through a $22M geothermal system which will provide the sole-source of heating and cooling to the 640-acre wellness resort.

SUMMARY
• $22M geothermal system to provide sole-source of heating and cooling to 640-acre wellness resort in Shenandoah Valley
• Ground source geothermal wells to include more than 100 boreholes for the 1.0MWt system
• Construction expected to be complete December, 2027
• Renew Energy Partners to provide geothermal system at no cost to developer, serviced through 25-year Thermal Purchase Agreement with construction-to-term debt facility provided by Climate First Bank

Construction has begun on the 100+ geothermal boreholes for the 1.0MWt system and is expected to be complete by December of 2027. As the capital and engineering partner, Renew has provided turnkey funding, including monetization of the geothermal tax credits, and will manage construction as well as operations and maintenance for the 25-year term.

“This is exactly the kind of project Renew was made for,” said Renew CEO Ed Davis. “We are delivering critical energy infrastructure through engineering expertise, $0 upfront capital from the customer, and tax credit benefits baked into the Thermal Energy Purchase Agreement. This service makes clean energy an easy option for projects like The Shenandoah Nature Resort, where mission-alignment needs to also make financial sense.”

“The Shenandoah Nature Resort will be a transformational wellness experience in North America,” says co-founder Mike Marburg. “It completely reimagines the traditional resort and spa by providing guests access to the world’s most cutting-edge practices and programming in an immaculate setting. And it will have broad social impact through its harmony with nature. The innovative capital stack is one example, and the fossil-fuel-free operations are another. Renew is a critical partner on both aspects of the development.”

Climate First Bank provided a construction-to-term debt facility for the geothermal project.

“We’re incredibly excited to finance Climate First Bank’s first geothermal project with Renew,” said Hana Freymiller, SVP | Director of Energy Project Finance at Climate First Bank. “Shallow-well geothermal technology has tremendous potential to expand access to clean, efficient energy and decarbonize buildings across the country.”

Nuveen’s Green Capital Fund provided a $65M loan to the resort through the Commercial Property Assessed Clean Energy program (C-PACE). The Shenandoah Nature Resort is also a rural EB-5 project sponsored by EB5AN.

The construction team consists of Orr Partners, Owner’s Engineer and Shockey, Engineering, Procurement and Construction (EPC) partner.

About Renew Energy Partners
Renew is efficient project capital for critical building infrastructure. The Boston-based finance firm pairs engineering expertise with a dedicated capital stack to deliver fully financed, owned and operated thermal and power systems. Renew develops, owns, and operates complex energy systems on behalf of its customers, enabling them modernize their infrastructure without burdening their core business. Learn more at renewep.com.

About Climate First Bank
Climate First Bank combines traditional banking products with innovative fintech solutions to help build a more sustainable future. The bank has financed more than 10,000 solar installations, providing over $500 million in solar loans. As America’s fastest-growing new bank and recognized on the Inc. 5000 list as one of America’s fastest-growing private companies, Climate First Bank is a Certified B Corp and a member of 1% for the Planet. The bank has maintained net-zero operations since opening its doors in 2021.

About GDEV Management
GDEV Management, LLC is a middle-market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. The firm targets operationally complex businesses in infrastructure, clean energy, industrials, and technology-enabled services, partnering with management teams to drive growth, operational improvement, and long-term value creation. GDEV’s institutional platform is structured to support a broad range of private market strategies, including direct investments, co-investments, and structured credit solutions.

Natalie Patton
Renew Energy Partners
info@renewep.com

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