Partner with us in 2023
Last year was a transformational moment for the clean energy transition, as well for CleanCapital. The passage of both the Bipartisan Infrastructure Bill (BIL) and the Inflation Reduction Act (IRA) will propel renewable technologies to new heights. Solar energy is expected to triple in total capacity by 2030; battery storage is finally having its moment with the introduction of the standalone storage investment tax credit (ITC) in the IRA.
While the IRA will certainly accelerate capital investment, this growth really reflects the tireless work of the entire renewables industry to reduce regulatory barriers, pass influential policies like renewable portfolio standards, reduce technology costs, and ultimately make solar—and eventually solar plus storage—the cheapest form of energy on the market.
By Jon Powers, President and Head of Business Development at CleanCapital
Our team at CleanCapital also had a transformational year in 2022: our cumulative acquisitions now top 370 MW and our total investments in portfolios and partnerships are nearing $1 billion, making CleanCapital one of the Top Ten commercial solar asset owners in the U.S. according to Wood Mackenzie. We now manage operating and new construction projects in 26 states and U.S. territories, including emerging markets like Alaska, Hawaii, Maine, and Guam.
Providing ‘rocket fuel’ to project developers
The biggest change for our company this past year was how we work with developers and partners. While we continue to acquire solar and storage assets directly from developers and asset owners, we also took significant steps to provide ‘rocket fuel’ in the form of capital to those partners who really are looking to grow and scale.
We want to enable these partners to focus on what they do best—developing projects—while our team provides resource support and ready access to capital.
We see tremendous opportunity for growth with current and future partners over the next 2-3 years. The alignment of policy at the Federal and State level along with the maturation of our industry brings a once-in-a-generation opportunity for investment. To prepare for that opportunity, we are seeking partners who share this view and are ready to scale and execute on more projects than ever before.
CleanCapital is offering a variety of investment structures as well as some shared services—including access to HR, marketing, and policy resources—in exchange for exclusivity over future project pipeline.
In 2022, these partnerships took a couple different forms:
- Full Acquisition – CleanCapital acquired 100% of BQ Energy, a New York-based developer specializing in landfill and brownfield sites.
- Minority Investment – CleanCapital invested in Renewable IPP, an Alaska-based developer currently constructing the largest solar project in the state.
- Convertible Corporate Loan – CleanCapital provided a loan to a Minnesota-based developer to accelerate its growth and facilitate a move into new markets.
- Early-Stage Financial Support – CleanCapital provided an individual developer who spun out of another shop the financial backing he needed to start up and pursue community solar opportunities.
These are just some examples of the creative ways we can structure a partnership; ultimately, we want to find a structure that’s motivating to our partners as well as ourselves.
“Working under the CleanCapital umbrella provides tremendous synergies for our teams. With CleanCapital’s financial backing, our development team can focus on what they are great at—rather than raising capital piecemeal, we can get more brownfield solar projects developed and built.”
—Paul Curran, Chief Executive Officer, BQ Energy
“Partnering with the CleanCapital team has allowed us to really focus on what we do well while providing confidence to our local project stakeholders that we are growing alongside one of the strongest brands in the market today. They are also just a great group to work with!”
— Jenn Miller, Chief Executive Officer, Renewable IPP
Our team is seeking great partners to work with in the coming year. What are we looking for?
- Teams that are hungry to scale and need rocket fuel to execute
- Teams interested in accessing the smartest capital in the industry to get projects in the ground quickly and cost-effectively.
- Strong, motivated teams that align with CleanCapital’s culture and work ethic
- Teams that would benefit from shared services on marketing, policy, centralized procurement, and more
Let’s work together to take advantage of this transformational moment in our industry. Learn more about CleanCapital or reach out to me using the form below to set up a time to talk.