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

Facebook
Twitter
LinkedIn
Reddit
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).

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

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

July 10, 2025
German renewables company BayWa r.e. has secured a €3 billion (US$3.5 billion) loan for 'operational initiatives and pipeline expansion.'
July 10, 2025
US renewables developer Invenergy has launched commercial operations of 250MW Fairbanks Solar Energy Center in Sullivan County, Indiana. 
July 10, 2025
Copenhagen Energy has partnered with Thy-Mors Energi to set up a 100MW PV and BESS project in Ballerum, about 370km from Copenhagen. 
July 9, 2025
Many European countries generated record levels of solar power in the first half of 2025, according to figures from Fraunhofer ISE.
July 8, 2025
Bulgarian-headquartered solar engineering company Sunotec has acquired 100% of the project company, SIA DSE Lazas Solar, from Danish Sun Energy. 
July 8, 2025
SJVN Green Energy has commenced commercial operations of 100.02MW from its 1,000MW solar power project in Bikaner, Rajasthan.

Subscribe to Newsletter

Upcoming Events

Media Partners, Solar Media Events
September 2, 2025
Mexico City, Mexico
Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 22, 2025
Bilbao, Spain
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK