On Our Radar: Deals we are paying attention to for their impact on industry.
The Green New Deal may have been stomped out by Congress last month, yet clean energy is on fire in the private sector.
On April 2, CleanCapital announced a fresh investment by BlackRock Renewable Power Group that will help both firms push clean energy projects forward. The mission of the clean-energy platform CleanCapital is to address climate change by speeding up investment in renewable energy.
“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,” CleanCapital’s CEO and co-founder Thomas Byrne said in a press release on Tuesday. He added that the company plans to expand into new markets and renewable energy asset classes, focusing on distributed solar and energy storage.
No figures were disclosed by either BlackRock or CleanCapital, yet according to the Buffalo News, the investment is comparable to the platform’s previous partnerships such as the $250 million one with CarVal Investors announced last year. Included in this acquisition was a portion of the IND Solar Farm at the Indianapolis International Airport, which at its completion six years ago was the world’s largest solar farm on airport land.
In November, BlackRock and CleanCapital joined forces on the acquisition of a 46.9-megawatt portfolio of 60 operating solar energy projects, the platform’s largest transaction. In January, it announced the acquisition of a 13.2-megawatt solar portfolio from General Energy Solutions USA, with sites in Indianapolis and Columbus, Ohio.
The four-year-old New York-based CleanCapital owns and manages more than $300 million of distributed operating solar assets, with a combined capacity of more than 100 megawatts. Among them are 108 solar energy systems in 11 states, ranging from 25 kilowatts to 12.6 megawatts.
Michelle Lodge is a New York-based writer whose work has appeared in Time, Fortune, Barron's, the Miami Herald, the British Medical Journal as well as on CNBC.com.