CleanCapital Completes Largest Acquisition Yet in New Jersey

Solar IndustryJuly 22, 20191053



CleanCapital completed a massive 15-project, 75.2-MW acquisition from KDC Solar in New Jersey last week, as the fourth in a series of acquisitions through its $250 million investment vehicle with CarVal Investors. The solar company also closed on a $300 million debt facility with Credit Suisse.

Clean Capital acquires New Jersey solar projects


CleanCapital Completes Largest Acquisition Yet in New Jersey

Renewable energy investment platform CleanCapital has announced its largest acquisition to date, a 75.2 MW solar portfolio made up of 15 operating projects in New Jersey.

This is the fourth in a series of acquisitions made through CleanCapital’s $250 million investment vehicle with CarVal Investors. CleanCapital now owns and operates 180 MW of renewable energy assets and holds $465 million worth of assets under management.

Concurrent to this acquisition, CleanCapital and funds managed by CarVal Investors have closed on a $300 million debt warehouse facility with Credit Suisse.

The solar portfolio, dubbed “Olympic,” was acquired from KDC Solar LLC, a private, non-utility owner and operator of large-scale C&I solar power generation. KDC is majority-owned by Diamond Castle Holdings LLC. Fox Rothschild represented KDC in this deal.

The 15 operating solar assets, which entered commercial operation between 2011 and 2016, average 5 MW and range in size from 157 kW to 10 MW. Off-takers for these projects include Fortune 100 companies, as well as local governments and institutions.

“This acquisition, our largest to date, solidifies CleanCapital’s position as one of the leading owner-operators of C&I solar in the U.S.,” says Thomas Byrne, CEO of CleanCapital.

The acquisition was led by Melinda Baglio, chief commercial officer and general counsel at CleanCapital, who says, “This portfolio is a perfect illustration of how our technology gives us a competitive edge when it comes to conducting due diligence on sizable and complex portfolios.”

The company plans to leverage the proceeds to further accelerate acquisitions of small-scale renewable energy projects throughout the U.S.

“The debt warehouse facility grants us access to a new type of financing, bolstering our overall capital capacity to acquire distributed solar and energy storage projects,” notes Matt Eastwick, chief investment officer at CleanCapital. “This seminal financing takes us a step closer to our long-term vision of securitization, which is key to our mission to drive institutional investment in clean energy.”

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