NEW YORK—February 22, 2023— CleanCapital, a renewables investor focused on the middle-market solar and storage industry, today announced the acquisition of a 34.5 megawatt (MW) portfolio of operating solar assets in New Jersey. The projects, each of which commenced operations in 2019, 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 made since CleanCapital announced a $300 million commitment from Manulife in April 2021. The New Jersey portfolio comprises 4 projects ranging in size from 1.6 MW to 23.4 MW – bringing CleanCapital’s investments in clean energy projects to more than 400 MW.
“CleanCapital has shown that it is a leader in deploying capital in this sector, as evidenced by the 200+ projects we have acquired and operated to date,” remarked Thomas Byrne, CEO of CleanCapital. “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 — segment of the renewable energy market. Each of these acquisitions represents momentum in the energy transition. As a company that is dedicated to building a clean, sustainable future for everyone, we are proud to invest in portfolios such as this.”
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.”
“GoldenSet Capital, on behalf of North Sky Capital’s Alliance Fund II to which it acts as subadvisor, has been involved with these projects since their development stage and is delighted to see them pass into the capable hands of CleanCapital,” remarked Everett Smith, CEO of GoldenSet. “They represent a valuable distributed generation resource for New Jersey and will provide clean renewable power for decades to come.”
CleanCapital engaged Orrick, Herrington & Sutcliffe LLP as Buyer’s counsel on this transaction.
CleanCapital is a renewables investor focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage renewables projects, developers and emerging markets. To date, the company has invested nearly $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. The company has successfully acquired and managed more than 200 operating and new construction projects in 26 states and U.S. territories, totaling more than 400 MW. More information about CleanCapital can be found at https://cleancapital.com/
GoldenSet Capital is focused on providing project equity and structured capital to companies and projects in the sustainable infrastructure sectors. Together the GoldenSet team has developed, constructed, and financed over 56 distributed solar and wind projects with additional experience investing in the renewable natural gas, residential solar, and energy storage sectors. Among other activities, GoldenSet Capital acts as sub-advisor to North Sky Capital’s Alliance Fund II and is responsible for originating, structuring, executing, and managing sustainable infrastructure projects for the fund. For more information please visit www.goldensetcapital.com.
North Sky Capital is a registered investment adviser and pioneer in impact investing in the United States. Now in its 24th year, North Sky has deployed more than $1.3 billion across more than 140 impact investments on behalf of its various impact funds. The firm has two flagship investment strategies: impact secondaries (private equity) and sustainable infrastructure. For more information, visit www.northskycapital.com.
Press Inquiries:
Ellen Backus For CleanCapital PR 612-616-2991 ellen@cleanterrateam.com
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