Leveraging Technology to Finance Clean Energy

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.

Learn more about the new partnership to acquire up to $1 billion in clean energy assets>

Episode 22: Varun Sivaram

Author of “Taming the Sun”

CleanCapital Announces Acquisition of over 14.23 MW of Operating Solar Assets from X-Elio

The portfolio of eight operating solar projects in two states leverages new $250 million equity partnership with CarVal Investors

New York, NY [May 3, 2018] CleanCapital announced its largest solar acquisition to date from X-Elio, a Spanish developer with U.S. operations based out of Reno, Nevada. The 14.23 MW portfolio leverages capital from CleanCapital’s new partnership with CarVal Investors. These solar projects are located in California and Vermont and consist of high-quality customers including schools, a vineyard and two utilities. CleanCapital’s proprietary platform streamlines and expedites due diligence and analysis, allowing complex deals like this one to close in less than 60 days.

CleanCapital and CarVal Investors, a leading global alternative investment fund manager, announced a new $250 million equity partnership last month that, including debt financing, enables the acquisition of up to $1 billion of clean energy assets. This was the partnership’s first acquisition.

“CleanCapital remains committed to unlocking the billions of dollars of untapped capital sources that have been absent from this sector. We continue to look for partnerships with developers like X-Elio to provide liquidity and capital to small-scale, distributed energy markets,” said Jon Powers, President, CleanCapital.

“The CleanCapital team knows how to professionally manage the acquisition of operating solar assets. These deals can have a complex diligence process, but their team executed efficiently and seamlessly making our job as the seller much easier. I am looking forward to working closely with them in the future,” said Steve Sceery, Head of Corporate M&A, X-Elio.

CleanCapital is a financial technology company that makes it easy to invest in clean energy. They deliver technology solutions to all aspects of the transaction process—from lending to capital raising, origination to diligence. The proprietary technology platform identifies, screens, and manages clean energy projects enabling project owners an opportunity to exit their portfolios while providing accredited investors, including institutional investors, family offices, and investment funds, unique access to the clean energy investment market.

About CleanCapital:

Founded in 2015, CleanCapital is a financial technology company that makes it easy to invest in clean energy. CleanCapital has built a proprietary technology platform that identifies, screens, and manages clean energy projects enabling project owners an opportunity to exit their portfolios while providing accredited investors, including institutional investors, family offices, and investment funds, unique access to the clean energy investment market. Stay up to date on the evolving market of clean energy finance by following the company on Twitter or Facebook or connecting via LinkedIn. Learn more at http://www.cleancapital.com.

 

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