In February, I joined CleanCapital as the Head of Acquisition because I was excited about the company’s approach to utilizing technology to transform the way clean energy projects are financed. On April 30th, CleanCapital acquired a 14.23MW portfolio of solar assets from X-Elio. The purchase was significant for us in many ways. It was our largest acquisition to date, our first acquisition with our new partner, CarVal Investors, the first to utilize our proprietary technology platform, and on a personal level, it was the first deal to close since I joined the team.
The Ability to Close Complex Deals
This portfolio is a perfect case study of the complex market of small scale solar assets. The portfolio is comprised of 8 projects in two states (California and Vermont), and includes ground-mount, rooftop and carport facilities; and municipal, corporate and utility offtakers. We’re able to navigate these complexities with ease. Through our underwriting process, we drill down to the fundamental features of the assets we’re seeking to acquire, increasing efficiency in the sale process.
Streamlining Diligence by Leveraging Technology
Not only are we able to underwrite even the most complex portfolios of assets, we have developed a proprietary technology platform to streamline review by interested investors. We launched the platform for both seller and investor with the acquisition of this portfolio. The platform gives us the tools to package the diligence of a complex portfolio into an easily digestible format.
Smooth Closing Process
As with many of the assets we screen, this portfolio had existing financing in place that was repaid concurrently with our acquisition. Our team has deep industry experience, enabling us to facilitate a smooth closing process on deals of all shapes and sizes, and this was no exception. By coordinating expertly with the various stakeholders and through the regulatory regimes of two states, all parties enjoyed a smooth closing process.
Growing Our Partnership with Carval Investors
The acquisition of this portfolio marks the beginning of our new partnership with CarVal Investors. We look forward to continuing to build our portfolio with CarVal as we find new ways to leverage the $250 million partnership.