CleanCapital, a renewables investor focused on the middle-market solar and storage industry, has acquired a 34.5 MW 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.
This acquisition is the latest in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021. 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.
“The C&I sector is increasingly turning to solar to decarbonize. It’s also good business,” says Julia Bell, chief commercial officer at CleanCapital. “Renewables are the most reliable and affordable way to power infrastructure, and American companies are installing record levels of solar to power their operations.”
CleanCapital engaged Orrick, Herrington & Sutcliffe LLP as buyer’s counsel on this transaction.