Excelsior Energy Capital, an independent North American renewable energy investor, announced that its renewable energy fund has acquired a 16.2 MW solar portfolio from Syncarpha Capital.
“Excelsior is pleased to announce the acquisition of this Syncarpha operating solar portfolio as it squarely aligns with the core strategy of the Fund to acquire high-quality operating solar projects from experienced developers and operators, with the intent of further improving long-term operational and financial performance for the Fund’s limited partners,” said Chris Moakley, managing partner of Excelsior.
The ground mount solar projects are located in Massachusetts and Vermont, and have offtake agreements with credit-worthy counter parties under a weighted average remaining contract term of 20.5 years. Firstar Development, a subsidiary of U.S. Bancorp, is participating as the tax equity and Nomura Corporate Funding America is providing back leverage to the portfolio.
“Syncarpha is excited to be partnering with Excelsior as the long-term asset manager on this operating solar portfolio. We appreciate the deep expertise that the Excelsior team brings to bear and plan to expand our cooperation in the coming months,” said Cliff Chapman, CEO and co-founder of Syncarpha.
News item from Excelsior Energy Capital