CleanCapital expands into Guam with single largest asset acquisition to date
CleanCapital acquired a 36.6 MW solar facility in Inalåhan, Guam, from GlidePath Power Solutions LLC. The transaction also includes rights to GlidePath’s solar development pipeline on the island. In addition to expanding CleanCapital’s portfolio to the U.S. territory of Guam, this is the commercial solar leader’s largest single asset acquired to date.
The 36.6 MWdc Dandan site is also the largest solar asset on Guam. The project commenced commercial operations in October 2015 and supplies renewable energy to the Guam Power Authority (GPA), generating 6% of the island’s electricity generation capacity. The site provides a reliable source of fixed-price clean energy to the surrounding community, helping to offset the impact of volatile fossil fuel prices on the island.
“I am proud of the work GlidePath did to improve the reliability and production of this critical solar asset and make it attractive to clean energy investors,” said Chris McKissack, Chief Executive Officer of GlidePath. “With this transaction, we will transition the Dandan Solar Farm to CleanCapital’s experienced team while accelerating GlidePath’s ability to execute our pipeline of energy storage projects throughout the U.S.”
Future clean energy development on Guam is promising, incentivized by the island’s updated renewable power standard (RPS). The RPS, passed in 2019, requires that 50% of the nation’s power come from renewable sources by 2035, increasing to 100% by 2045.
“This acquisition affirms CleanCapital’s commitment to making bold investments in the energy transition, especially in regions like the Pacific Islands that are taking advantage of their natural resources to achieve independence from fossil fuels,” said Julia Bell, Chief Commercial Officer of CleanCapital.
To date, CleanCapital has invested more than $900 million in projects and companies that align with its mission. This acquisition is the latest in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021; in all, the company has successfully acquired projects totaling more than 360 MW spanning 24 states and one U.S. territory.
CleanCapital engaged K&L Gates and Guam-based counsel Arthur Clark as Buyer’s counsel on this transaction. GlidePath was represented by Morgan Lewis, Bockius, LLP and Guam-based counsel Razzano Walsh, Torres P.C. as Seller’s counsel on this transaction.
Listen to more in-depth conversations on Solar Builder's YouTube channel
Our most popular series include:
Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.
Comments are closed here.