BlackRock buys stake in owner of US$300m of small-scale PV

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The stake deal follows BlackRock's support last year to CleanCapital's 46.9MW PV acquisition (Credit: AES Corp)

BlackRock’s renewable arm has taken a stake in US small-scale solar specialist CleanCapital, some five months after supporting the latter’s acquisition of a PV portfolio.

“For CleanCapital, this marks a kind of end to the beginning of our company story,” CleanCapital CEO Thomas Byrne said in a blog post published as BlackRock’s fresh investment was announced.

“[We] launched CleanCapital with a clear vision: to attract institutional capital to clean energy investment. Not only have we achieved that founding goal, we’ve done it by earning the trust of the world’s largest asset manager,” Byrne added.

The stake purchase for an undisclosed price brings BlackRock closer to the owner of US$300 million worth of US small-scale solar assets. CleanCapital’s 100MW-plus portfolio spans 108 solar installations across 11 US states, with individual capacity sitting in the 25kW-12.6MW region.

The deal follows BlackRock's investment last November to support CleanCapital’s purchase of 60 solar projects in California, Massachusetts and New Jersey. At the time, the small-scale specialist said the 46.9MW package was its largest purchase to date.

“It was no small feat,” CEO Byrne said this week of the November acquisition. “A complicated deal like that turned out to be the perfect opportunity to show the team at BlackRock the value of the CleanCapital platform.”

Over in Europe, BlackRock has been busy growing its British PV portfolio in the past few months and is now examining projects in Iberia too. Discussing subsidy-free potential at a recent Solar Media event, BlackRock director Giovanni D’Andria said: “Sooner or later all markets will get there. We’re all here in the long-term so we’ll see unsubsidised projects coming through in the UK and the Nordics too.”

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

July 29, 2021
Meyer Burger has revealed plans to launch a solar roof tile product, expanding its rooftop solar product range.
July 28, 2021
The New Jersey Board of Public Utilities (NJBPU) has unveiled formal plans to replace its existing solar support framework with a new incentive programme which will support up to 3.75GW of new solar over the next five years.
July 26, 2021
Support for distributed energy resources (DERs) like rooftop solar, community solar and battery storage could save Californian ratepayers US$120 billion over the next 30 years, according to a new report
July 26, 2021
Oil and gas giant Eni has acquired 1.2GW of Spanish renewables from Madrid-based European private equity manager Azora.
July 22, 2021
US Senate majority leader Chuck Schumer has failed in a bid to fast-track the US’ US$1.2 trillion infrastructure investment bill through the Senate. But there remains hope that further progress could be made as early as next Monday, when some Republican senators believe the bill will be fit to proceed.
July 21, 2021
A round-up of the latest stories from the US solar market, featuring news of EPC Signal Energy and tracker provider Nextracker being selected for a 728MW solar portfolio in Texas and California, and Longroad Energy completing a financing package for its 200MWdc solar project in Arizona.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021