CleanCapital, a mid-market renewables project financing group, announced the acquisition of two fully operational solar projects totaling 13 MW. BQ Energy Development (BQ) has developed projects that supply clean energy to a local university, healthcare provider, and municipality in upstate New York. Both projects are financed by M&T Bank’s Commercial Equipment Finance Group.
Steel Sun II and Homeridae projects have been operational since 2019. Steel Sun II is located on the former Bethlehem Steel site on Buffalo’s waterfront and is part of a larger revitalization that includes various solar and wind projects. The energy generated by this project is contracted to local mainstays Kaleida Health and Canisius University.
The Homeridae project is one of two solar arrays in Olean, which is based on a former oil refinery and tank farm. The City of Olean is the energy offtake for these projects.
“The net metering credits generated by the Homeridae solar project have significantly benefited our city budget, allowing us to reallocate savings toward other essential services for our community,” stated William Aiello, Mayor of Olean.
“The acquisition of BQ Energy and its assets—and the subsequent merging of our teams—immediately expanded CleanCapital’s scope,” said Thomas Byrne, CEO of CleanCapital. “No other organization has the breadth of capabilities or expertise we can offer. Plus, with the tailwinds of the Inflation Reduction Act and the rapid increase in corporate demand for clean energy, converting environmentally compromised land into a source of clean energy presents a unique opportunity as we transition the grid to clean energy.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW in 1H 2024 were transacted compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Last week, JERA Nex, a renewable energy company headquartered in London and launched by JERA, announced the acquisition of two solar projects with a total capacity of 395 MW from Lightsource bp, a solar and energy storage project developer.
