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Energy - MARCH 1, 2021

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Blackstone Group sells commercial and industrial on-site solar and energy storage projects

by Released

SDCL Energy Efficiency Income Trust (SEEIT) has completed the acquisition of a series of portfolios of commercial and industrial on-site solar and energy storage projects in the United States, together with a 50 percent interest in the platform that has created them, Onyx Renewable Partners from funds managed by Blackstone Group.

Upfront initial consideration is $120 million with an incremental $30 million expected to be deployed in the coming months as construction progresses on solar projects.  SEEIT expects the $150 million investment to scale up over time as the firm continues the build-out of Onyx’s high-quality on-site solar pipeline.

The projects being acquired include a 100 percent interest in four solar and storage portfolios totaling more than 175 megawatts of operational, in-construction and development-stage assets, which provide renewable energy generated on-site directly to the end user and a 50 percent interest in Onyx and its longer-term pipeline, wh

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