Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy Infrastructure (CEI) business has completed the acquisition of a portfolio of 16 operating solar projects from Coronal Energy.
The portfolio comprises 353 MW of operating solar photovoltaic capacity across diverse and attractive power markets, including Arizona, California, Florida, Virginia, Tennessee and Ontario, Canada. Each asset uses commercially proven and efficient technology and is fully contracted under long-term power purchase agreements.
“We are very pleased to have completed this transaction with Coronal. These high-quality contracted assets will be an important addition to our 4.6-GW solar portfolio in the United States,” said John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business. “Each of these assets serves a distinct role in meeting the clean energy needs of their respective markets in a safe, reliable and environmentally responsible manner.”
“This was a complex transaction that involved the coordination and outstanding efforts from a wide range of stakeholders. We appreciate the efforts from our partners and counter-parties to execute a major transaction in the North American renewable energy market during times of unprecedented challenges,” said Tim Short, managing director of Capital Dynamics. “This acquisition continues the CEI team’s strong track record as a provider of long-term, yield-producing capital to the renewable energy market — and delivering execution certainty to our partners in an increasingly dynamic environment.”
Amis, Patel & Brewer, LLP served as legal counsel for Capital Dynamics.
MUFG Union Bank NA, Sumitomo Mitsui Banking Corporation, and Commonwealth Bank of Australia served as coordinating lead arrangers for the acquisition financing.
News item from Capital Dynamics