This press release was issued by CleanCapital on March 21, 2023, with the title “CleanCapital leverages climate finance expertise with first acquisition in Rhode Island – a 26-megawatt solar portfolio“.
NEW YORK—March 21, 2023—CleanCapital, a renewables investor focused on the middle-market solar and storage industry, today announced its first acquisition in Rhode Island: a 26.2-megawatt portfolio of operating solar assets.
Julia Bell, Chief Commercial Officer at CleanCapital remarked: “With every investment and acquisition, we apply a great deal of rigor, honed from years of assessing clean energy assets’ longevity and ROI, as well as maximizing high-impact federal tax incentives. The Rhode Island portfolio demonstrates our ability to structure an acquisition to meet the seller’s needs; in this case, structuring around the developer taking their tax equity internally.”
The portfolio comprises 10 projects ranging in size from 250 kW to 5.4 MW, with some net-metered assets and some Feed-in-Tariff (FiT) operating projects. Offtakers for the net metering credit sales agreements across the portfolio include cities and schools of Central Falls, the YMCA, and Johnson & Wales University. Notably, one of the solar projects is located on the property of WDCHOC, a local affordable housing authority that develops, constructs, and manages housing for low- and moderate-income families, the elderly, and persons with special needs. The lease payments enabled the construction of the affordable housing facilities, which would not have been possible otherwise.
Shown: Coventry Seven Solar project in Coventry, RI
“Additionally, this acquisition underscores our ability to foster projects that lead the energy transition and provide sustainable energy access to underserved communities,” Bell added.
While CleanCapital expands into the new construction, pre-NTP investing, and corporate capital injection spaces, it continues to pursue operating portfolios which align with its core mission of leading the energy transition in new markets such as Rhode Island. Rhode Island has set a 100% Renewable Energy Standard by 2033. The 2021 Act on Climate sets mandatory, enforceable climate emissions reduction goals leading the state to achieve net-zero emissions economy-wide by 2050.
Shown: Richmond Buttonwoods project in Richmond, RI
“This marks our first acquisition in the state of Rhode Island. Not only are we excited about entering this new market, but we are also thrilled to have closed our first transaction with a leader in the local development space,” said Alyssa Rinaldi, Senior Director of Business Development at CleanCapital. “On the structuring side, this operating asset portfolio was unique, as some of the assets were still in the ITC recapture period. This is not our first acquisition of this type, but it showcases our ability and appetite to transact on in-recapture assets.”
CleanCapital engaged K&L Gates as Buyer’s counsel on this transaction. The seller was represented by Robinson & Cole LLP for Quincy Mutual and Ballard Spahr LLP.
“Our partnership with CleanCapital will enable us to continue the important work of delivering clean, locally-produced energy at the lowest possible cost to Rhode Island residents and help the state achieve its goal of powering 100% of electricity with renewable energy by 2033,” said Mark DePasquale, CEO of Green Development.
About CleanCapital
CleanCapital is a renewables investor focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage renewables projects, developers and emerging markets. To date, the company has invested nearly $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. The company has successfully acquired and managed more than 200 operating and new construction projects in 27 states and U.S. territories, totaling more than 400 MW. More information about CleanCapital can be found at https://cleancapital.com/
About Green Development LLC
Green Development LLC is a leading developer of large-scale renewable energy projects in the Northeast, specializing in wind, solar, and battery storage, with 177 MW in solar and wind capacity currently online or under construction. In 2022, Green was ranked in the top 10% of all U.S. solar developers by Solar Power World, based on 2021 installations. The company’s long-term goal is to increase the adoption of innovative technologies that provide clean air and water benefits to our communities and reduce fossil fuel dependence. Learn more about Green Development at https://green-ri.com
Press Inquiries:
Ellen Backus
For CleanCapital PR
612-616-2991
ellen@cleanterrateam.com
Jeanne Heston
Green Development
401.250.5094
jh@green-ri.com