CleanCapital, a clean energy investment platform, has acquired a 36.6 MW solar project in Inalahan, Guam, from GlidePath Power Solutions, an energy storage developer and independent power producer in the U.S.
The transaction includes the operating Dandan solar project and rights to GlidePath’s portfolio to the U.S. territory of Guam. The solar project commenced its commercial operations in October 2015 and currently generates 6% of the island’s electricity generation.
CleanCapital engaged K&L Gates, and Guam-based counsel Arthur Clark acted as Buyer’s counsel on this transaction. GlidePath was represented by Morgan Lewis, Bockius and Guam-based counsel Razzano Walsh, Torres P.C. as Seller’s counsel on this transaction.
“We are thrilled to be the new owner-operator of this significant project and to accelerate the exciting future of renewables on Guam,” said Julia Bell, Chief Commercial Officer of CleanCapital. “This acquisition affirms CleanCapital’s commitment to making bold investments in the energy transition, especially in regions like the Pacific Islands that are taking advantage of their natural resources to achieve independence from fossil fuels.”
“I am proud of the work GlidePath did to improve the reliability and production of this critical solar asset and make it attractive to clean energy investors,” said Chris McKissack, Chief Executive Officer of GlidePath. “With this transaction, we will transition the Dandan Solar Farm to CleanCapital’s experienced team while accelerating GlidePath’s ability to execute our pipeline of energy storage projects throughout the U.S.”
To date, CleanCapital has invested more than $900 million in projects and companies that align with its mission. This acquisition is the latest in a series of investments since CleanCapital announced a $300 million commitment from Manulife in April 2021; in all, the company has successfully acquired projects totaling more than 360 MW spanning 24 states and one U.S. territory.
According to Mercom’s 1H and Q2 2022 report, in 1H 2022, there were 148 project acquisitions for 38 GW of solar projects compared to 136 project acquisitions totaling 40 GW in 1H 2021. Recently, Whetstone Power and Rosemawr Sustainable Infrastructure Management, the sustainable infrastructure arm of Rosemawr Management, announced the acquisition of a 30 MW operating solar project in Alamosa, Colorado.