PG&E’s recent California blackout may speed the transition to distributed generation including solar plus storage.
Author of The Grid: The Fraying Wires Between Americans and Our Energy Future
The International Energy Agency (IEA) published its latest World Energy Outlook this week and the outlook is promising for clean energy. They project clean energy to account for 40% of global energy demand by 2040! Unfortunately, projections simultaneously show a steady increase in CO2 emissions which is “far out of step with [what] scientific knowledge tells us is required to tackle climate change.”
CleanCapital is taking bold steps to make capital investments more efficient to accelerate clean energy technologies that limit global warming. Our team has now acquired nearly $250m of operating solar assets in the United States, with our recent acquisition of a 46.9 MW portfolio of solar assets from ATN International, Inc. subsidiary, Ahana Renewables.
As the electricity market experiences its “most dramatic transformation since its creation more than a century ago”, the report acknowledges the “huge investment requirement” needed to meet these demands. A sentiment echoed by last month’s report from the Intergovernmental Panel on Climate Change (IPCC), the world will have to invest an average of around $3 trillion a year over the next three decades in transforming its energy supply systems. Accelerating and exceeding these clean energy projections becomes possible as we address many of the inefficiencies inhibiting investments in clean energy markets.
Our team at CleanCapital is leveraging technology to address many of the inefficiencies plaguing the fragmented distributed energy financing market. Pairing our technology with dedicated capital from leading global investors like BlackRock and CarVal streamlines and expedites due diligence, allowing complex deals to close efficiently. This enables new capital to flow more freely throughout the distributed energy markets helping it to scale.
The distributed energy market is key to helping limit warming to 1.5c as outlined by the IPCC. We need more innovations like what we are doing at CleanCapital to help deliver these investment-ready assets and bring the much needed capital to the market.
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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Co-Founder of the Rocky Mountain Institute (RMI)