U.S.-based clean energy investment platform CleanCapital acquired a portfolio of 34.5 MW operating solar projects in New Jersey.
All the projects have been operational since 2019 and serve various commercial & industrial (C&I) off-takers, including Six Flags theme park, a manufacturing facility, the CentraState medical system, and the Borough of Carlstadt.
This acquisition is the latest in a series of investments since CleanCapital announced a $300 million commitment from Manulife in April 2021. The acquisition has expanded CleanCapital’s investments in clean energy projects to more than 400 MW.
The company (to date) has acquired over 200 operational projects in 26 states across the United States. Last year, it acquired BQ Energy, a renewables developer with a gigawatt-scale solar project pipeline in the United States.
“This most recent acquisition in New Jersey is exemplary of our focus on middle-market solar and energy storage, which we believe is a critical – but still underinvested – the segment of the renewable energy market,” said Thomas Byrne, CEO of CleanCapital.
According to the Solar Means Business 2022 report released in November 2022 by the Solar Energy Industries Association (SEIA), 14% of all installed solar capacity in the United States came from the C&I sector.
“The C+I sector is increasingly turning to solar to decarbonize. It’s also good business,” said Julia Bell, Chief Commercial Officer at CleanCapital. “Renewables are the most reliable and affordable way to power infrastructure, and American companies are installing record levels of solar to power their operations. As a trusted asset owner, we’ve proven time and time again our capacity to ensure long-term optimal project performance for these businesses.”
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW.
WEC Energy Group – an electricity and natural gas provider – recently acquired an 80% stake in the 250 MW Samsun I solar project (located) in Texas for approximately $250 million. The project was developed and built by Invenergy. The commercial operation of the solar project began in May 2022.