AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, has agreed to acquire a 49.99% equity stake in the 300 MW solar with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer. The project is located in Texas.
The total investment is approximately $200 million. The project is strategically located in the ERCOT North market region.
The project is currently under construction and is expected to commence operations in the fourth quarter of 2025.
Clearway Energy will retain a 50.01% equity stake in the project. The electricity produced will be fully contracted through long-term virtual power purchase agreements with corporate off-takers.
The transaction is expected to close in the late second quarter of 2025.
This acquisition follows AIP’s collaboration with Clearway on Victory Pass & Arica, a co-located solar and battery energy storage project in California, which was signed in 2022.
“Pine Forest represents a compelling investment, combining long-term contracted solar revenue with merchant battery storage exposure,” said Domenico Tripodi, Partner and Co-head of Investments of AIP. “A repeat partnership with Clearway, in a project with strong counterparties and diversified revenue streams, aligns with our strategy to invest in infrastructure that supports the decarbonization of energy systems while offering good, risk-adjusted returns.”
Last year, in October, AIP made an offer to acquire a minority stake in VALOREM, a French independent power producer.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
Last month, Masdar (Abu Dhabi Future Energy Company PJSC), a UAE-based renewable energy project developer, announced the signing of an agreement with Endesa, a Spanish multinational electric utility company, to acquire a 49.99% stake in four solar projects totaling 446 MW in Spain.
