Real Estate - JULY 19, 2019

CleanCapital makes largest acquisition to date

by Kali Persall

CleanCapital has made its largest acquisition to date with the purchase of Olympic, a 75.2-megawatt solar portfolio comprising 15 operating solar projects in New Jersey.

The assets entered commercial operation between 2011 and 2016, and average 5 megawatts. The seller was KDC Solar, a private, non-utility-affiliated owner and operator of large-scale C&I solar power generation. Terms of the transaction were not disclosed.

This is the fourth purchase in a series of acquisitions made through CleanCapital’s $250 million investment vehicle, managed by CarVal Investors, a global alternative investment fund manager focused on distressed and credit-intensive assets and market inefficiencies. With the transaction, CleanCapital now owns and operates 180 megawatts of renewable energy assets and holds $465 million in assets under management.

Leveraging funds managed by CarVal Investors, CleanCapital also has closed on a $300 million debt warehouse facility with Credit Suisse.

"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, CIO 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."

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