Press releases

CleanCapital secures $300 million commitment from Manulife Investment Management, acquires 63 megawatts of operating solar projects

CleanCapital and CarVal Investors Acquire 75.2 Megawatt Solar Portfolio and Close on $300 Million Debt Facility with Credit Suisse

NEW YORK—July 18, 2019—CleanCapital announced today its largest acquisition to date, a 75.2 megawatt solar portfolio made up of 15 operating solar 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 (“KDC”). KDC, a private, non-utility affiliated owner and operator of large-scale C&I solar power generation, 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.,” said Thomas Byrne, CEO of CleanCapital.

The acquisition was led by Melinda Baglio, Chief Commercial Officer and General Counsel at CleanCapital, who added, “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.” 

“As one of the largest C&I solar developer/owner/operators in New Jersey we are pleased to close this transaction with CleanCapital, which is focused on owning C&I solar projects and has the ability and scale to own and operate these C&I projects for many years to come,” said Alan Epstein, President and CEO of KDC Solar LLC.

The Olympic acquisition illustrates CleanCapital’s effective execution on the aggregation strategy launched in partnership with CarVal Investors in 2018. The company plans to leverage the proceeds to further accelerate acquisitions of small-scale renewable energy projects throughout the U.S., building well-constructed portfolios attractive to institutional investors in the ABS market.

“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,” said 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.”

“We’re proud to partner with CleanCapital, whose innovative approach to structuring these investments has made it, in our view, the clear industry leader in clean energy finance,” said Jerry Keefe, Principal at CarVal Investors. “With CleanCapital’s active approach to asset management, we believe renewable energy portfolios have strong potential as long-term investments. Our acquisitions in partnership with CleanCapital total more than 100 MW since May of last year, reflecting our confidence in these assets.”

About CleanCapital
CleanCapital is an industry-leading clean energy investment platform. Launched in 2015 by co-founders Thomas Byrne, Jon Powers, and Marc Garrett, CleanCapital’s mission is to accelerate investment in renewable energy to address the urgent threat of climate change. CleanCapital has leveraged investments from BlackRock, CarVal Investors, John Hancock, and other partners to acquire more than $465 million of distributed operating solar assets. Learn more at cleancapital.com.

About CarVal Investors
CarVal Investors is a leading global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $114 billion in 5,340 transactions across 80 countries. CarVal has an established history of energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.

CleanCapital Refinances 46.9 MW Solar Portfolio With Santander & CIT

NEW YORK —June 17, 2019—CleanCapital announced today that it has closed on a refinancing of its largest solar portfolio, Tahoe. The 46.9 megawatt portfolio, one of the largest independent C&I solar portfolios in the U.S., was acquired from ATN International, Inc. subsidiary Ahana Renewables. Lenders for the $85.7 million financing that matures in 2026 are Santander Bank, N.A. (“Santander”) and CIT Bank, N.A. (“CIT”).  

CleanCapital has grown rapidly over the last year, acquiring more than 84 MW of distributed operating solar since April 2018. The Tahoe portfolio was acquired by CleanCapital last November as part of its partnership with BlackRock’s Renewable Power Group. The underwriting of the debt by Santander Bank and CIT signals confidence in CleanCapital’s track record of quality execution in C&I solar.    

“As we continue to build up our assets under management and optimize the value of those portfolios, partnering with the top banks in the market gives us best-in-class execution,” said CleanCapital Chief Investment Officer Matt Eastwick. “We’re pleased to work with CIT and Santander Bank on this refinancing, which enhances investor returns on our largest and most diverse solar portfolio.”

“Sustainability financing is a core competency at Santander Bank and we are thrilled to support CleanCapital and BlackRock in their clean energy endeavors” said Nuno Andrade, Managing Director and Head of Structured Finance for North America at Santander Bank, N.A.’s Corporate & Investment Banking Group. “We are proud to have structured the financing of this complex C&I solar portfolio to support our valued and strong partners.”

“CIT is proud to support the continued growth of CleanCapital in renewable energy with the successful refinancing of this major solar portfolio,” said Mike Lorusso, managing director and group head for CIT’s Power and Energy business.

About CleanCapital

CleanCapital is an industry-leading clean energy investment platform. Its mission is to accelerate investment in renewable energy to address the urgent threat of climate change. CleanCapital’s leading edge technology platform facilitates the evaluation and acquisition of clean energy assets with speed and certainty. Since 2015, CleanCapital has leveraged investments from BlackRock, CarVal Investors, John Hancock, and other partners to acquire more than $300 million of distributed operating solar assets. Learn more at cleancapital.com | Twitter: @cleancapital_ | LinkedIn: linkedin.com/company/cleancapital/

CleanCapital Announces New Hires & Promotions

NEW YORKMay 9, 2019— CleanCapital, an industry-leading clean energy investment platform, announced today the following promotions and new hires:

  • Melinda Baglio has been promoted to Chief Commercial Officer & General Counsel.
  • Derek Daly has been promoted to Director, Investments & Capital Markets.
  • Carly Battin was hired as Vice President, Marketing.
  • Brandon Lane was hired as Vice President, Asset Management.
  • Alyssa Rinaldi was hired as Vice President, Business Development.
  • Shaya Greenberger was hired as Associate, Investments & Capital Markets.

The growth of the CleanCapital team enables the company to scale as it accelerates acquisitions and expands into new assets classes and geographies. In addition to its headquarters in Manhattan, the company opened a second office in Buffalo, NY in December.

“This year has marked an inflection point for CleanCapital,” said co-founder and president Jon Powers. “With BlackRock’s investment in our firm, we’ve seen validation from leading institutional investors, putting us on track to acquire more than $300 million in renewable energy assets this year. The growth of our team reflects both the tremendous accomplishments of the last three years and the need to scale operations to support our aggressive acquisition strategy.”

More about the team:

In her new role as Chief Commercial Officer and General Counsel, Melinda Baglio oversees due diligence, project acquisitions, and all aspects of CleanCapital’s legal affairs, including structuring, negotiating and implementing the company’s investment strategies. She has been with CleanCapital since February 2018.

As Director of Investments & Capital Markets, Derek Daly evaluates CleanCapital’s acquisition targets and manages the market diligence and investment process for active opportunities. Derek joined CleanCapital in April 2018.

Carly Battin was hired as Vice President of Marketing in January. She brings more than ten years of professional experience to her role overseeing marketing and communications. She worked most recently for Buffalo-based technology company Bak USA.  

As Vice President of Asset Management, Brandon Lane is responsible for the management, operations, and optimization of CleanCapital’s more than 100 operating solar projects. He joined the company in March after nearly a decade managing wind and solar portfolios for FirstWind and Terraform / Brookfield.

Alyssa Rinaldi joined CleanCapital in May. As Vice President of Business Development, Alyssa will bring her deal knowledge, market intelligence, and business development experience to the CleanCapital team as she focuses on asset origination and acquisition. Her past experience includes roles at Safari Energy and Power Finance & Risk.

Shaya Greenberger works with our Investments & Capital Markets team, developing comprehensive data models to inform CleanCapital’s investment strategy. She joined CleanCapital in February following stints at T-REX, Campbell Lutyens, and PNC.

About CleanCapital

CleanCapital is an industry-leading clean energy investment platform. Its mission is to accelerate investment in renewable energy to address the urgent threat of climate change. CleanCapital’s leading edge technology platform facilitates the evaluation and acquisition of clean energy assets with speed and certainty. Since 2015, CleanCapital has leveraged investments from BlackRock, CarVal Investors, John Hancock, and other partners to acquire more than $300M of distributed operating solar assets. Learn more at cleancapital.com | Twitter: @cleancapital_ | LinkedIn: linkedin.com/company/cleancapital/

CleanCapital Announces New Investment from BlackRock’s Renewable Power Group

NEW YORK – April 2, 2019 – CleanCapital, an industry-leading clean energy investment platform, announced today a new investment in the firm from funds managed by BlackRock’s Renewable Power Group, which bolsters the ability of the two firms to invest together in clean energy projects.

The investment provides for the continued growth of CleanCapital as it expands into new markets and new renewable energy asset classes, with a specific focus on distributed solar and energy storage.

“The investment from BlackRock’s Renewable Power Group will accelerate CleanCapital’s investment in clean energy, allowing us to enter new asset classes, like energy storage, and expand into new markets. With this investment, we will continue to build out our portfolio and do what we do best: use our proprietary underwriting tools and software to quickly evaluate assets and efficiently close acquisitions,” said Thomas Byrne, CEO and co-founder of CleanCapital.

The latest transaction marks a deepening of the relationship between CleanCapital and BlackRock after the two firms closed on CleanCapital’s largest transaction to-date in November, the acquisition of a 46.9 megawatt portfolio of 60 operating solar energy projects.

“As the clean energy space evolves, the distributed generation sector is expanding and plays an increasingly important role in the U.S. energy transition,” said Martin Torres, Head of the Americas for the Renewable Power Group at BlackRock. “This partnership allows us to access CleanCapital’s platform capabilities as we seek to invest in the assets meeting the demand for clean energy while delivering value to our clients.”

Launched in 2015 by co-founders Thomas Byrne, Jon Powers, and Marc Garrett, CleanCapital today owns and manages $300 million of distributed operating solar energy assets in the United States, with a combined capacity of more than 100 MW. The firm owns and operates 108 solar energy systems in 11 states, ranging in size from 25 kW to 12.6 MW.

About CleanCapital

CleanCapital is an industry-leading clean energy investment platform. Its mission is to accelerate investment in renewable energy to address the urgent threat of climate change. CleanCapital’s leading edge technology platform facilitates the evaluation and acquisition of clean energy assets with speed and certainty. Since 2015, CleanCapital has leveraged investments from BlackRock, CarVal Investors, John Hancock, and other partners to acquire more than $300M of distributed operating solar assets. Learn more at cleancapital.com | Twitter: @cleancapital_ | LinkedIn: linkedin.com/company/cleancapital/

CleanCapital Accelerates Solar Acquisitions, Announcing 13MW Deal in Indiana and Ohio

NEW YORK, New York – January 29, 2019 – CleanCapital announced today the acquisition of a 13.2MW solar portfolio from General Energy Solutions USA, Inc. The portfolio is comprised of sites in Indianapolis, Indiana and Columbus, Ohio. CleanCapital’s growth has accelerated in the past 12 months, having invested more than $300 million to acquire more than 100MW of distributed operating solar assets throughout the United States. This investment is the latest in a series of acquisitions through CleanCapital’s $250 million investment vehicle with CarVal Investors. Included in this acquisition is a portion of the IND Solar Farm at the Indianapolis International Airport, which was, when completed in 2013, the largest solar farm on airport real estate in the world.

CleanCapital now owns and operates 108 solar sites in 11 states ranging in size from 25KW to 12,600KW. The company’s partnerships with CarVal Investors, BlackRock, and other institutional investors are driving institutional investment into the rapidly growing distributed clean energy sector. Chris Hopgood of Ignite Renewable Capital, LLC consulted on this transaction.

“Our mission at CleanCapital is to accelerate the flow of capital to renewable energy projects in response to the urgent threat of climate change,” said Thomas Byrne, CEO of CleanCapital. “This most recent acquisition again affirms the robust investor appetite for these assets; CleanCapital remains committed to growing institutional investment in all sectors of the clean energy market via our cutting-edge platform.”

 “The CleanCapital team had the expertise and capital resources to move our portfolio from initial evaluation to closing in less than 60 days,” said Jack Chen, Managing Director of General Energy Solutions USA. “We are proud to work with an organization that so clearly demonstrates the capacity to invest in and effectively manage clean energy assets.”

About CleanCapital
CleanCapital is an industry-leading clean energy investment platform. Founded in 2015, CleanCapital owns and manages nearly $300M of distributed operating solar assets. CleanCapital leverages its leading edge technology platform to evaluate renewable energy investments with speed and certainty. Its mission is to accelerate investment in all sectors of the clean energy industry to address the urgent threat of climate change. Learn more at cleancapital.com.

About General Energy Solutions USA, Inc.
General Energy Solutions USA is the global solar system development vehicle of United Renewable Energy Co., Ltd (https://www.urecorp.com/us/) headquartered in Taiwan. GES leverages URE’s position as a leader in solar cell technology in order to expand its global solar systems businesses. GES strives to lead the way as a provider of sustainable and affordable photovoltaic energy systems on a global scale.

About CarVal Investors
CarVal Investors is a leading global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal has invested $113 billion in 5,320 transactions across 79 countries. CarVal has a history of successful energy and power investments and is innovative in structuring partnerships in the renewables industry. For more information, visit www.carvalinvestors.com.

About Ignite Renewable Capital, LLC
Ignite Renewable Capital is focused on renewable energy financing, development and consulting to leading developers and financiers in North and South America. Since its inception, Ignite has demonstrated the ability to successfully market renewable projects and operating assets to various investors and maximize returns to its clients.

Press contacts

Carly Battin, Marketing Director
cbattin@cleancapital.com
716.374.1596