CleanCapital, an independent power producer focused on distributed clean energy, announced the acquisition of a solar portfolio comprising 40 projects with a total capacity of 22.7 MW from Kendall Sustainable Infrastructure, an asset management firm.
The company also announced that it secured a new tranche of $145 million in equity financing from Manulife Investment Management and its other institutional co-investors, which it will use to fund project development, construction, and future acquisitions.
The acquired solar portfolio consists of net-metering and community solar projects, which reached commercial operation between 2015 and 2018. The financial terms of the transaction remained undisclosed.
The electricity produced by the projects serves various off-takers, including MUSH, utility, C&I, and community solar subscribers. Of these 40 projects, 38 are in Vermont, with the remaining two in New York and California.
With this acquisition, CleanCapital’s portfolio of operating and under-construction assets has increased to over 240 projects totaling more than 340 MW.
“This acquisition underscores CleanCapital’s commitment to scaling distributed clean energy solutions across the U.S.,” said Julia Bell, Chief Investment Officer at CleanCapital. “The addition of these attractive assets strengthens our portfolio and enhances our ability to deliver reliable returns to our investors. Vermont’s commitment to sustainability and innovation makes it an ideal market to expand solar investments, delivering both economic benefits and measurable progress toward a cleaner energy future.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Earlier this week, DRI, a renewable energy company based in Amsterdam and a subsidiary of the DTEK Group, announced the signing and completion of a purchase agreement to develop a 166 MWp solar portfolio in Sardinia, Italy.
