CleanCapital acquires 35 MW solar portfolio across N.J.

CleanCapital, a renewables investor based in New York, recently announced it acquired a 34.5-megawatt portfolio of operating solar assets in New Jersey. The projects, each of which commenced operations in 2019, serve various commercial and industrial off-takers, including Six Flags theme park, a manufacturing facility, the CentraState medical system and the borough of Carlstadt.

The New Jersey portfolio comprises four projects ranging in size from 1.6 MW to 23.4 MW — bringing CleanCapital’s investments in clean energy projects to more than 400 MW.

“CleanCapital has shown that it is a leader in deploying capital in this sector, as evidenced by the 200-plus projects we have acquired and operated to date,” Thomas Byrne, CEO of CleanCapital, stated. “This most recent acquisition in New Jersey is exemplary of our focus on middle-market solar and energy storage, which we believe is a critical — but still underinvested — segment of the renewable energy market. Each of these acquisitions represents momentum in the energy transition. As a company that is dedicated to building a clean, sustainable future for everyone, we are proud to invest in portfolios such as this.”

“The C+I sector is increasingly turning to solar to decarbonize. It’s also good business,” Julia Bell, chief commercial officer at CleanCapital, said. “Renewables are the most reliable and affordable way to power infrastructure, and American companies are installing record levels of solar to power their operations. As a trusted asset owner, we’ve proven time and time again our capacity to ensure long-term optimal project performance for these businesses.”

CleanCapital engaged Orrick, Herrington & Sutcliffe LLP as buyer’s counsel on this transaction.