Lydian Energy acquires 1.5 GW portfolio from Hanwha Renewables
Independent power producer Lydian Energy has announced its acquisition of the Atlas North solar and BESS portfolio from Irvine, California-based Hanwha Renewables.
Coming in at about 1.5 GW between solar and battery power, the portfolio is one of the largest solar plus storage portfolios in North America. The portfolio itself consists of four late-stage projects, including a 500 kV generation-tie transmission line that spans up to two miles.
“Atlas North represents Lydian’s largest investment to date. We are excited to build on our momentum as a firm and bring this ambitious project to life,” says Lydian CEO Emre Ersenkal. “The Atlas North facilities will bring much needed renewable power to the region.”
The transmission line will connect solar and BESS facilities to California’s regional CAISO grid, going through the Cielo Azul Switchyard and the Ten West Link transmission line.
Beefing up the Lydian line
Lydian’s full portfolio now includes 18 different solar and storage projects, totaling 4.4 GW of renewable energy capacity. The Atlas North piece of things totals over 1 GW of solar generation capacity, plus up to 450 MW or 1.8 GWh of battery storage.
For this acquisition, Lydian was backed by Greenwood, Minnesota-based private equity firm Excelsior Energy Capital. The Minnesotan company is a leader in independent North American energy investment, officials say, and sports two active funds totaling over $1.5 billion in equity capital.
“We remain deeply committed to the continued development of clean energy in the U.S., particularly solar and battery storage, which are proven and reliable sources,” says Chris Moakley, co-founder and managing partner at Excelsior Energy Capital and chair of the board for Lydian Energy.
Lydian representatives add that the “vast majority” of electricity generation and capacity from the Atlas North portfolio is currently contracted for long-term offtake agreements with entities around California.
