Renew Energy Partners funds $22M geothermal system for Shenandoah Nature Resort

Renew Energy Partners has started construction on a $22 million geothermal heating and cooling system for the Shenandoah Nature Resort in Virginia’s Shenandoah Valley. The project is designed to power the 640-acre wellness resort with fossil-fuel-free operations and uses a financing structure that monetizes federal tax credits.

Why it matters: - The Shenandoah Nature Resort is using geothermal infrastructure to cover all heating and cooling needs on a 640-acre greenfield development. - The project shows how resort developers can pair clean-energy infrastructure with financing structures that reduce upfront capital needs. - Renewable energy financing is being embedded directly into the resort’s operating model, not added later as a retrofit.

What happened: - Renew Energy Partners announced a geothermal project for The Shenandoah Nature Resort in Virginia’s Shenandoah Valley. - Construction has begun on more than 100 geothermal boreholes for a 1.0MWt system. - The geothermal system is sized at $22 million and is expected to be complete by December 2027. - The system will serve as the sole source of heating and cooling for the 640-acre wellness resort. - Renew is providing the system through a 25-year Thermal Energy Purchase Agreement.

The details: - Renew is acting as the capital and engineering partner for the project. - Renew provided turnkey funding and monetized the geothermal tax credits. - Renew will manage construction, operations and maintenance for the full 25-year term. - Climate First Bank provided a construction-to-term debt facility for the geothermal project. - Nuveen’s Green Capital Fund provided a $65 million loan to the resort through the Commercial Property Assessed Clean Energy program, or C-PACE. - The Shenandoah Nature Resort is also a rural EB-5 project sponsored by EB5AN. - Orr Partners is serving as owner’s engineer. - Shockey is the engineering, procurement and construction partner.

Between the lines: - The financing structure shifts a major infrastructure cost away from the developer’s upfront budget. - The deal combines tax credit monetization, debt financing and C-PACE funding into a single capital stack. - The resort is being positioned as a wellness destination with fossil-fuel-free operations from the start. - Renew is extending its role beyond financing into long-term ownership-style operations support.

What’s next: - Construction on the geothermal boreholes is scheduled to finish by December 2027. - Renew will continue operating and maintaining the system over the 25-year agreement. - The resort development will move forward with geothermal as a core utility for the property.

The bottom line: - Renew Energy Partners is financing and operating the clean-energy backbone for a major Virginia resort, while turning federal tax credits into project capital.