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.
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/
NEW YORK (Nov. 8, 2018) – CleanCapital is pleased to announce a new partnership with BlackRock’s global renewable power platform today with the closing of a 46.9 MW portfolio of solar assets from ATN International, Inc. subsidiary, Ahana Renewables. The portfolio consists of 60 operating solar projects located in California, Massachusetts and New Jersey. The acquisition is CleanCapital’s largest to date.
This transaction highlights both CleanCapital and BlackRock Real Asset’s ability to execute on large, complex deals in the distributed clean energy space. CleanCapital’s technology-driven approach, coupled with access to dedicated capital from funds managed by BlackRock, streamlines and expedites due diligence and analysis, allowing complex deals to close efficiently. In partnering with CleanCapital, BlackRock Real Assets has expanded its footprint in the renewable power sector and further demonstrated its commitment to the attractive investment opportunities in sustainable real assets presented by the global energy transition.
With today’s announcement, CleanCapital has now acquired nearly $250 million of operating solar assets in the United States since its founding less than 3 years ago. It has done so by pairing institutional capital with technology solutions that simplify underwriting in this fragmented space. In fact, this was the first acquisition that was managed entirely through CleanCapital’s diligence software platform.
“This transaction ushers in a new phase for CleanCapital as we launch our partnership with one of the world’s leading renewable power investors, BlackRock, leveraging our cutting edge software,” said Thomas Byrne, CEO of CleanCapital. “As the energy landscape becomes cleaner and more distributed, CleanCapital will continue to create solutions and partnerships that deliver capital throughout this transforming market.”
“BlackRock Real Assets is excited to launch this new partnership with CleanCapital, which will allow us to more efficiently deploy capital in the distributed generation sector of renewable power on behalf of our clients. Investors are increasingly interested in the investment opportunities presented by the rapidly changing clean energy space, and we’re pleased to invest in solar assets that are well-positioned to capitalize on those trends,” said David Giordano, Managing Director and Head of Renewable Power Americas and APAC at BlackRock. “We look forward to working with CleanCapital as we continue to grow our investments in distributed clean energy.”
To learn more, visit cleancapital.com
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.
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of September 30, 2018, the firm managed approximately $6.44 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock.
About Ahana Renewables
Ahana Renewables, a subsidiary of ATN International, Inc., is a specialized investment firm focused on alternative energy and long-lived real assets. The company brings its experience to various infrastructure asset classes, capitalizing on bankable technology and strong project fundamentals. Ahana Renewables’ core expertise lies in deal sourcing, public/private contract negotiations and financial structuring to take controlling, owner/operator positions in projects and portfolios. Headquartered in San Francisco with offices and affiliates in Massachusetts, Singapore, and Hyderabad, the company currently operates distributed solar portfolios in India. More information is available at www.ahanarenewables.com.
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