Capital Dynamics signs deal with Tenaska to develop 2GW of solar projects in US

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In total, the transaction includes 14 PV projects with approximately 2,000MW in the Midcontinent Independent System Operator (MISO) market. Image: Capital Dynamics

Independent global private asset management firm Capital Dynamics’ Clean Energy Infrastructure (CEI) business has signed off on a deal with Tenaska to develop a portfolio of greenfield PV projects in the Midwestern United States.

In total, the transaction includes 14 PV projects with approximately 2,000MW in the Midcontinent Independent System Operator (MISO) market. The portfolio includes all solar projects currently in the MISO North interconnection queue, with projects in Michigan, Missouri, Illinois, Wisconsin, Indiana and Minnesota.

Benoit Allehaut, director of Capital Dynamics' Clean Energy Infrastructure team, said: “This agreement was a unique opportunity for us to acquire a meaningful pipeline of solar capacity in an efficient project development structure within a market poised for growth. Tenaska has historically been one of the most successful developers of electric generation and a close partner of Capital Dynamics on several existing projects. We are excited to be expanding our partnership and offer clean energy power through long-term supply contracts to customers in the Midwest.”

Capital Dynamics’ Clean Energy Infrastructure team is the second-largest owner of PV projects in the US and manages around US$4.9 billion in assets and 3.1GW in its current portfolio.

Steve Johnson, senior vice president in Tenaska's strategic development & acquisition group, added: “Tenaska has a proven record of success in solar development, and we are excited to pair our development skills with Capital Dynamics' capital origination and structuring capability.”

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