Capital Dynamics grows Nevada portfolio with solar-plus-storage foray

Facebook
Twitter
LinkedIn
Reddit
Email
Gigawatt 1 aims to generate enough clean energy to power nearly one million homes in Nevada at the most competitive rates in the state. Source: Sergei Scurfield / Flickr

Global asset management firm Capital Dynamics has purchased an 180MWac / 231MWdc solar project that includes a 90MWac / 360MWh energy storage facility in Boulder City, Nevada for an undisclosed sum.

Two municipalities and a cooperative have secured power purchase agreements (PPAs) for the Townsite solar project, which was previously owned by Skylar Townsite LLC. It is expected to be built by the end of 2021 and it will generate up to 400 jobs in construction. Once built, it will employ 10 full-time employees, according to Capital Dynamics.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“We believe this is the first hybrid utility-scale solar and energy storage project serving fixed-volume power purchase agreements,” Benoit Allehaut, Capital Dynamics’ managing director said in a news release on Thursday. “Our view is that this type of service represents the future of the renewable energy sector and we are glad to innovate and help the market mature to more customer-focused products and services.”

The project will be integrated into one of the biggest solar project portfolios in the world, Gigawatt 1, launched by Capital Dynamics and Las Vegas technology infrastructure company Switch in February 2018.

Gigawatt 1 aims to generate clean energy to one million homes in Nevada at the most competitive rates in the state. It was first proposed by Switch founder Rob Roy.

“This major acquisition moves forward the overall vision of Rob Roy's Gigawatt Nevada,” said Switch’s vice-president of strategy Adam Kramer. “Gigawatt 1 creates new clean energy jobs, the generation of new tax revenue for Nevada, important economic diversification, and strengthens our energy independence.” Switch will be one of the giant PV plant's major customers.

Tenaska Power Services will assist with the sale and the purchase of surplus and deficit merchant power, battery scheduling, and energy management.

The Townsite project was initially acquired by Skylar in October 2015, when it took over a 100% interest from Nevada-based firm KOWEPO Americas.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2024
Sydney, Australia
Solar Media Events
May 21, 2024
Napa, USA
Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)