In July 2022 we acquired a 36.6 megawatt (MW) solar facility in Inalåhan, Guam, which includes the operating Dandan solar farm and rights to solar development pipeline on the island.
The Dandan site, operating since 2015, is the largest solar asset on Guam, supplying 6% of the island’s electricity generation capacity and renewable energy to Guam Power Authority (GPA). The site provides a reliable source of fixed-price clean energy to the surrounding community, helping to offset the impact of volatile fossil fuel prices on the island.
Future clean energy development on Guam is promising, incentivized by the island’s Renewable Portfolio Standard (RPS), which requires that 50% of the nation’s power come from renewable sources by 2035, increasing to 100% by 2045.
In February 2023, we announced the acquisition of a 34.5 megawatt (MW) portfolio of operating solar assets in New Jersey, comprising projects ranging in size from 1.6 MW to 23.4 MW.
This portfolio exemplifies our focus on middle-market solar and energy storage, which we believe is a critical — but still underinvested — segment of the renewable energy market. An estimated 14% of all installed solar capacity in the United States comes from the C&I sector, and we look forward to continuing to build our portfolio of operating assets such as these as well as install new capacity to further the clean energy transition.