Rye Development

What Rye Development does

Rye Development is a U.S. developer of utility-scale closed-loop pumped storage hydropower (PSH) and low-impact run-of-river hydropower projects, structured as a partnership between EDF Power Solutions and Climate Adaptive Infrastructure. The company develops pumped storage facilities that move water between two reservoirs at different elevations to store and generate electricity on demand, with 8-12 hour storage durations; pumped storage currently accounts for over 90% of installed U.S. utility-scale energy storage capacity. Rye's differentiating siting strategy concentrates development on former mine lands (Lewis Ridge, Kentucky) and brownfield industrial sites (Goldendale, Washington on a former aluminum smelter), which the company claims is the first application of closed-loop PSH to former mine land in U.S. history.

The company's business model centers on developing projects through the multi-year FERC licensing process, then selling power via long-term PPAs and capacity agreements to utilities (LG&E and KU on Lewis Ridge), large corporate purchasers (Iron Mountain Data Centers via a first-of-its-kind 100% hydropower 24/7 carbon-free PPA), and government entities. Project financing is provided primarily by Copenhagen Infrastructure Partners, which co-owns and co-invests in flagship assets (Goldendale 1,200 MW; Swan Lake 393 MW), with Rye retaining a developer/operator role. Non-dilutive capital includes an $81 million DOE Clean Energy Demonstration Program on Current and Former Mine Land grant awarded in March 2024 for Lewis Ridge. Rye's pipeline exceeds 4 GW across the United States, with a 25+ project portfolio spanning Kentucky, Washington, Oregon, Arizona, Pennsylvania, West Virginia, Ohio, Louisiana, and Mississippi, plus a 300 MW operating asset in Israel (Gilboa).

Name

Rye Development

Legal name

Rye Development, LLC

Website

https://ryedevelopment.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Rye Development is a U.S. developer of closed-loop pumped storage hydropower and run-of-river projects, with a 4+ GW pipeline serving utilities, data center operators, and tribal nations through long-term PPAs and FERC-licensed energy storage assets.

Ownership category

akta.pro rank

Product category

Hydropower / Pumped Storage Energy Storage Development

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation, Transmission and Distribution (2211), Utilities (22)

SIC

Cogeneration Services & Small Power Producers (4991), Water, Sewer, Pipeline, Comm & Power Line Construction (1623)

akta.pro primary industry

Pumped Storage Hydropower (PSH) (New Build, Expansion, Conversions) (EUAMADAJ)

akta.pro secondary industries

Hydropower Plant Development & Permitting (Greenfield/Brownfield) (EUACAEAE), Hydropower Plant EPC (Dam, Run-of-River, Pumped Hydro Civil Works) (EUAEAAAD), Hydropower EPC & Construction (Civil Works, Electromechanical) (EUACAEAF), Hydropower EPC & Civil Construction (Dams, Weirs, Tunnels, Penstocks) (EUAMADAB)

Keywords

• Pumped storage hydropower
• Long-duration energy storage
• Run-of-river hydropower
• FERC project licensing
• Utility-scale hydropower development

Headquarters

HQ city

West Palm Beach

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Energy Storage Capacity Agreements / PPAs: Rye Development develops pumped storage projects and enters into long-term Power Purchase Agreements (PPAs) or capacity agreements with utilities, corporations (e.g., data centers), and government entities. These agreements provide revenue over the operational life of the projects (typically 40+ year FERC licenses), with payments for capacity and energy generated. The company also pioneered a first-of-its-kind 100% hydropower offtake agreement with Iron Mountain Data Centers.
2. Project Development and Licensing Services: Rye develops and licenses pumped storage and run-of-river hydropower projects through the FERC regulatory process, bearing development costs and earning returns through project financing structures upon reaching financial close with financial partners like Copenhagen Infrastructure Partners.
3. DOE Grant Funding: The company receives federal grant funding for project development, including $81 million from the U.S. Department of Energy's Clean Energy Demonstration Program on Current and Former Mine Land (CEML) for the Lewis Ridge project.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Rye Development develops utility-scale closed-loop pumped storage hydropower (PHS) facilities and low-impact run-of-river hydropower projects at existing dams across the United States. The company identifies and licenses sites through the FERC regulatory process, partners with utilities and institutional investors (e.g., Copenhagen Infrastructure Partners) to finance construction, and sells the resulting long-duration energy storage capacity via long-term Power Purchase Agreements and capacity contracts to utilities, corporate power purchasers (including data center operators), and government entities. Active and pipeline projects exceed 4 gigawatts of pumped storage capacity across 25+ U.S. sites.

Product overview

Rye Development specializes in developing two primary types of hydropower projects: closed-loop pumped storage hydropower facilities and run-of-river hydropower installations. The pumped storage projects—including Lewis Ridge (266 MW), Goldendale (1,200 MW), Swan Lake (393 MW), Western Navajo 1 (500 MW), and Gilboa (300 MW)—function as giant water batteries that move water between reservoirs at different elevations to store and generate electricity on demand. The run-of-river projects leverage existing dams to produce continuous baseload power. The company's portfolio spans multiple U.S. states and international locations, with projects in various stages of development from preliminary permitting to active construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Lewis Ridge Pumped Storage Project A 266 MW closed-loop pumped storage hydropower facility sited on former mine lands in Bell County, Kentucky, capable of storing electricity for up to 8 hours and generating enough power for approximately 67,000–70,000 homes. Co-developed with LG&E and KU (PPL Corporation subsidiaries) and supported by an $81 million DOE Clean Energy Demonstration Program grant. Target commercial operation date is 2031.
• Goldendale Energy Storage Project A 1,200 MW closed-loop pumped storage hydropower facility located in Klickitat County, Washington on a former aluminum smelter brownfield site. Features 12-hour energy storage capacity and is expected to power approximately 500,000 homes. Developed in partnership with Copenhagen Infrastructure Partners. Commercial operation target is 2032.
• Swan Lake Pumped Storage Project A 393 MW pumped storage hydropower project in Klamath County, Oregon, providing critical infrastructure to meet the region's growing energy needs. Owned by Copenhagen Infrastructure Partners and developed by Rye Development. Commercial operation target is 2029.
• Western Navajo 1 Pumped Storage Project A proposed 500 MW pumped storage project on Navajo Nation lands near the former Navajo Generating Station in Page, Arizona. The project is expected to create thousands of jobs and tax revenue for the tribal community.
• Gilboa Pumped Storage Project A 300 MW pumped storage hydropower facility on Mount Gilboa in Israel, enhancing grid flexibility by storing excess electricity during low demand periods for delivery during peak demand.
• Run-of-River Hydropower Projects Low-impact hydropower facilities that harness power from existing non-powered dams, producing 24/7 carbon-free baseload power. Aggregate run-of-river capacity under development is 204+ MW across sites including Overton Lock & Dam (49 MW), R.D. Bailey Dam (8 MW), Sutton Dam (6 MW), Monongahela River Cluster (59 MW), Ohio River Cluster (48 MW), and Yazoo River Cluster (34 MW). A groundbreaking 100% hydropower offtake agreement with Iron Mountain Data Centers covers more than a dozen low-impact hydroelectric projects in Ohio, Pennsylvania, and West Virginia.

Quantifiable outcome

• Goldendale project creates 3,000+ family-wage construction jobs and generates $10+ million annually for Klickitat County, Washington.
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• EDF Power SolutionscoreStrategic or Co-development PartnerEDF Power Solutions is a global leader in utility-scale energy storage and hydropower development. Together with Climate Adaptive Infrastructure, EDF Power Solutions forms the ownership partnership behind Rye Development, providing proven expertise in hydropower development, design, construction, and financing.
• Climate Adaptive InfrastructurecoreStrategic or Co-development PartnerClimate Adaptive Infrastructure (CAI) is a global leader in utility-scale energy storage. As Rye Development's co-owner alongside EDF Power Solutions, CAI provides capital strength and development expertise to advance pumped storage projects across the U.S.
• Louisville Gas and Electric Company (LG&E)coreStrategic or Co-development PartnerLG&E, a subsidiary of PPL Corporation, is partnering with Rye Development on the Lewis Ridge Pumped Storage Project in Bell County, Kentucky. LG&E and KU are performing a thorough evaluation of the project and would file with the Kentucky Public Service Commission to advance the project if proven effective. The $1.3 billion project would be Kentucky's first pumped storage facility.
• Kentucky Utilities Company (KU)coreStrategic or Co-development PartnerKU, a subsidiary of PPL Corporation, is partnering with Rye Development on the Lewis Ridge Pumped Storage Project. KU brings over a century of hydro plant operations experience (Ohio Falls Hydro Plant, Dix Dam Hydro Plant) and is evaluating the Lewis Ridge project as part of its strategy to diversify its sustainable power generation fleet.
• Shaping Our Appalachian Region (SOAR)minorStrategic or Co-development PartnerSOAR is a nonpartisan nonprofit dedicated to reversing population loss and driving prosperity in Kentucky's Appalachian region. In partnership with SOAR, Rye Development is committed to hiring and training a local workforce for Lewis Ridge construction, with SOAR recently receiving a $40 million Recompete Grant from the U.S. Economic Development Administration to support regional workforce development.
• Iron Mountain Data CenterscoreStrategic or Co-development PartnerRye Development signed a groundbreaking 100% hydropower offtake agreement — the first of its kind in the hydropower industry — with Iron Mountain Data Centers to support 24/7/365 carbon-free power. The agreement will speed development of more than a dozen low-impact hydroelectric projects in Ohio, Pennsylvania and West Virginia, helping Iron Mountain achieve its sustainability goals.
• Washington State Building & Construction Trades CouncilminorStrategic or Co-development PartnerRye Development and CIP signed an MOU with the Washington State Building & Construction Trades Council and the Columbia Pacific Building & Construction Trades Council for the Goldendale project, requiring all contractors to hire union workers and prioritize local hiring during the 4–5 year construction period.
• Navajo NationminorStrategic or Co-development PartnerIn 2024, the Navajo Nation issued Rye Development a permit to begin feasibility studies for Western Navajo 1, a proposed 500 MW pumped storage project on Navajo Nation lands near the former Navajo Generating Station. The project would create thousands of jobs and tax revenue for the tribal community.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Natel Energy: Natel Energy develops low-impact run-of-river and restoration hydropower projects in the U.S. It overlaps directly with Rye's run-of-river portfolio (Overton Lock & Dam, river cluster projects) and competes for similar utility PPAs and federal funding.
• Absaroka Energy: Absaroka Energy is a U.S.-based pumped storage hydropower developer pursuing multiple PSH projects in the Western U.S. It is the closest direct competitor to Rye in greenfield closed-loop PSH development, navigating similar FERC licensing pathways and targeting similar utility offtake structures.
• rPlus Hydro: rPlus Hydro is a developer of closed-loop pumped storage hydropower projects in the U.S. It pursues a similar siting and FERC licensing model to Rye Development and is one of the few U.S.-focused PSH development peers competing for utility offtake and project finance.

Emerging players

• Fluence Energy: Fluence Energy is a leading global battery energy storage system integrator competing in the same utility-scale storage RFPs that Rye targets. While its technology (lithium-ion) is shorter-duration than PSH, it represents the most active competing solution for utility energy storage procurement.
• Form Energy: Form Energy develops long-duration iron-air battery systems targeting 100-hour discharge at utility scale. It competes with Rye's PSH for the same long-duration storage RFPs from utilities and data center operators seeking multi-hour discharge solutions.
• Quidnet Energy: Quidnet Energy develops compressed air energy storage (compressed air in underground formations) targeting long-duration utility-scale storage. It addresses the same grid reliability and renewable integration use cases as Rye's pumped storage projects.

Broad incumbents

• Iberdrola Renovables: Iberdrola is one of the world's largest hydropower operators with extensive pumped storage capabilities internationally. It is a relevant global peer for PSH project development and operations, with deep experience and capital that dwarf Rye's scale.
• NextEra Energy Resources: NextEra Energy is the largest U.S. renewable energy developer and operator, with existing pumped storage assets and large-scale storage development capabilities. It is a broad incumbent competing for similar utility-scale storage RFPs and benefits from significantly greater balance sheet and development scale than Rye.
• EDF Renewables: EDF Renewables is a global renewable energy developer and a sister entity to Rye's co-owner EDF Power Solutions. It shares technical, regulatory, and project finance capabilities with Rye and is a potential acquirer or partner for global PSH expansion.
• Brookfield Renewable Partners: Brookfield Renewable is a global renewable energy operator with significant hydropower and pumped storage assets. It competes indirectly with Rye in the long-duration storage and hydro development space, with much greater capital and an established utility-scale development platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@RyeDevelopmentLLC
• LinkedInlinkedin.com/company/rye-development

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rye Development