Capital Dynamics offloads Kern County solar projects, completes Arizona solar acquisition

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Capital Dynamics has taken full ownership of the Arlington Valley Solar II project (Image: LS Power)

Capital Dynamics has sold a 99% stake in its Beacon solar portfolio in Kern County, California, to sustainable investment firm TortoiseEcofin and Israeli construction group Shikun & Binui for an undisclosed sum.

Under the deal, disclosed in late December 2020, TortoiseEcofin and S&B USA have each purchased 49.5% share of the Beacon portfolio, which comprises two utility-scale projects located in Kern County totalling 107.8MW capacity. Capital Dynamics acquired the projects during their development in 2016. Both provide energy for the Los Angeles Department of Water and Power through two 25-year power purchase agreements (PPAs).

Kathryn Carpenter, principal of Clean Energy Infrastructure at Capital Dynamics, said the Beacon solar project is now “well positioned” to provide a stable revenue stream to its new owners, one of which is a recent entrant to the US energy market.

The Beacon project is S&B’s first US first solar asset, according to Sharon Novak, CEO of Shikun & Binui America, and adds to a US energy portfolio of roughly 2GW. Novak said the company is “excited to have its first solar assets” in Kern County.

At the same time, Capital Dynamics has taken full ownership of the 175MW Arlington Valley Solar Energy II (AVSE II) in Arizona. The Swiss asset manager originally bought a 30% stake in the project in November as part of the acquisition of three PV projects from LS Power, which also includes 252MW in Imperial County, California, and 11MW in Dover, Delaware.

Capital Dynamics’ Clean Energy Infrastructure business (CEI) has now bought the remaining share of the Arizona project from investment group Apollo Global Management, bringing its solar capacity in the US to 3.1GW.

Tim Short, managing director of CEI said the purchase gives the group a “cleaner and simplified ownership position” of the asset, continuing its recent solar buying spree in the US.

The company has rapidly built on its solar portfolio in the US over the past year, starting with the purchase of a 400MW solar-plus-storage project in California from 8minute Solar Energy in January. In July, CEI then purchased a 353MW portfolio of North American solar projects from independent power product Coronal Energy, which comprised 16 projects in Arizona, California, Florida, Virginia, Tennessee and Ontario, Canada.

CEI also landed a deal with Nebraskan independent power producer Tenaska in August to develop 2GW of battery storage projects in California, a month after partnering with the same company to establish 4.8GW of solar in the Midwest and Southeast US.

Read Next

May 7, 2021
Danish utility giant Ørsted has completed its first utility-scale solar-plus-storage facility in the US.
May 6, 2021
A round-up of project updates from the US, including progress from EDF Renewables in New York, LS Power's country-wide project acquisition, and a string of investments from Dominion Energy Virginia.
PV Tech Premium
May 3, 2021
Companies are purchasing solar, wind, and other forms of renewable energy more than ever before. The power purchase agreement (PPA) market in Europe has grown to a cumulative capacity of over 12GW, with a record 4GW signed in 2020. Corporate climate commitments are opening doors for investment in renewable energy, and continued price declines are convincing companies to sign new contracts. Is the European market ready to fulfil its potential? By Dr. Mercè Labordena, senior policy advisor at SolarPower Europe, and Milena Koot, communications advisor at SolarPower Europe
April 28, 2021
FTC Solar has downgraded the pricing of its initial public offering (IPO) and will list at a price of US$13 per share, rather than initial target range of US$18 – 20.
April 22, 2021
One-third of utility-scale solar set to come online in the US in the next two years will be in Texas, as the state catches up with California, according to new figures from the country’s Energy Information Administration (EIA).
April 22, 2021
A round-up of the latest news from the US solar sector, including distributed solar specialist SunPower's return to large-scale power systems, panel maker Maxeon's share offering, and developer National Grid Renewables' PPA with Hershey, Home Depot and NRG.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021