CleanCapital has purchased a 75.2-megawatt solar portfolio in New Jersey. The transaction is the fourth in a series of acquisitions made through CleanCapital’s $250 million investment vehicle with CarVal Investors and marks the company’s largest acquisition to date.
The solar portfolio, dubbed Olympic, was acquired from KDC Solar and consists of 15 operating solar facilities, which entered commercial operation between 2011 and 2016. They average 5MW and range in size from 157 kilowatts to 10 megawatts. Off-takers for these projects include Fortune 100 companies as well as local governments and institutions.
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The transaction was led by Melinda Baglio, CCO & general counsel at CleanCapital, while Fox Rothschild represented KDC. CleanCapital now owns and operates 180 megawatts of renewable energy assets and holds $465 million worth of assets under management. The company plans to leverage the proceeds to further accelerate acquisitions of small-scale renewable energy projects throughout the U.S., building portfolios attractive to institutional investors in the asset-backed security market.
Concurrent to this portfolio expansion, CleanCapital and funds managed by CarVal Investors have closed on a $300 million debt-warehouse facility with Credit Suisse.