CleanCapital has acquired a 34.5 MW portfolio of operating solar assets in New Jersey. The projects, each of which commenced operations in 2019, serve various commercial & industrial (C&I) off-takers including Six Flags theme park, a manufacturing facility, the CentraState medical system and the Borough of Carlstadt.
This acquisition is the latest in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021. The New Jersey portfolio comprises four projects ranging in size from 1.6 MW to 23.4 MW, bringing CleanCapital’s investments in clean energy projects to more than 400 MW.
“CleanCapital has shown that it is a leader in deploying capital in this sector, as evidenced by the 200-plus projects we have acquired and operated to date,” said Thomas Byrne, CEO of CleanCapital. “This most recent acquisition in New Jersey is exemplary of our focus on middle-market solar and energy storage, which we believe is a critical, but still underinvested, segment of the renewable energy market. Each of these acquisitions represents momentum in the energy transition. As a company that is dedicated to building a clean, sustainable future for everyone, we are proud to invest in portfolios such as this.”
According to the Solar Means Business 2022 report released in November 2022 by the Solar Energy Industries Association (SEIA), 14% of all installed solar capacity in the United States came from the C&I sector.
“The C&I sector is increasingly turning to solar to decarbonize. It’s also good business,” said Julia Bell, chief commercial officer at CleanCapital. “Renewables are the most reliable and affordable way to power infrastructure, and American companies are installing record-levels of solar to power their operations. As a trusted asset owner, we’ve proven time and time again our capacity to ensure long-term optimal project performance for these businesses.”
The projects were acquired from Goldenset Capital. Details of the transaction were not disclosed.
“GoldenSet Capital, on behalf of North Sky Capital’s Alliance Fund II to which it acts as subadvisor, has been involved with these projects since their development stage and is delighted to see them pass into the capable hands of CleanCapital,” remarked Everett Smith, CEO of GoldenSet. “They represent a valuable distributed generation resource for New Jersey and will provide clean renewable power for decades to come.”
CleanCapital engaged Orrick, Herrington & Sutcliffe LLP as Buyer’s counsel on this transaction.
[Editor’s note: Photos courtesy of Six Flags.]
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