Allianz Capital Partners, an asset manager acquired the 147 MW Galloway 2 Solar Project from Avantus (formerly 8minute), an independent solar power developer in Texas, U.S. Avantus will continue to oversee procurement, construction, and asset management while holding a minority stake in Galloway 2.
RES is providing the Engineering, Procurement, and Construction services for Galloway 2. Construction financing was arranged by CIT. Tenaska led the tax equity investment for the project and Tenaska’s power marketing affiliate, Tenaska Power Services Co., will serve as the qualified scheduling entity when the project comes online in 2023.
“As one of the world’s largest infrastructure and renewable energy investors, we are thrilled to announce this transaction, which meaningfully advances our mission to accelerate renewables deployment globally,” said Daniel de Boer, Head of Renewables – Americas at Allianz Capital Partners.
“We are glad to work together with strong partners to secure renewable energy, adding to our energy mix at the site in Freeport, Texas,” said Brad Morrison, Senior Vice President, and Site Manager for BASF in Freeport. “This project is an important contribution to our ambitious goal of achieving net-zero emissions by 2050.”
Recently, Harrison Street, an investment management firm, acquired a 28 MW of solar project from Soltage, a solar project developer and independent power producer. The solar project is in Warren County, Ohio, on land owned by the Cincinnati Zoo in the PJM power market.
According to Mercom’s 9M and Q3 2022 Solar Funding and M&A Report, in 9M 2022, there were 207 project acquisitions for 52 GW compared to 200 projects acquired for 55.5 GW in 9M 2021.