CleanCapital secures US$300 million funding to grow distributed solar portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
Image: CleanCapital

Small-scale solar specialist CleanCapital has secured a US$300 million investment from Manulife Investment Management to help grow its asset portfolio.

Thomas Byrne, CleanCapital’s chief executive, said that Manulife’s investment would provide the company with the capacity to offer “a multitude” of investment services and solutions to mid-market renewable energy companies.

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

It comes as CleanCapital bought two renewable energy portfolios totalling 63MW in deals worth a culminative US$775 million, which includes operating solar, new-build solar and energy storage systems.

The company has bought a 16MW solar portfolio with 30 assets across 10 US states, which is expected to begin construction this year, and has also become the sole owner of a 46.9 MW operating commercial and industrial (C&I) solar portfolio, after buying the assets through an equity partnership with investor BlackRock in 2019. The second portfolio covers 60 projects in California, Massachusetts and New Jersey, and the energy they produce is contracted by 26 offtakers through long-term power purchase agreements (PPA). CleanCapital now oversees 200MW of renewable assets in the US, with 152 projects in 18 states having individual capacities in the 25kW-12.6MW region.

In an email exchange with our sister publication Energy-Storage.news, Byrne added that the investment from Manulife would also enable CleanCapital to invest more heavily in the growing energy storage market, and anticipates “closing on a number of interesting storage deals this year”.

Jason Segal, managing partner of Javelin Capital, which advised CleanCapital on the transaction, said its structure as a platform investment gives the company more “flexibility to continue to work with leading developers” to bring the assets to life.

Read Next

May 30, 2025
Solar and wind curtailment have increased by 29% between 2023 and 2024 in California, according to the US Energy Information Administration.
May 27, 2025
China has installed a record of 104.9GW of solar PV between January and April 2025, according to data from the Chinese National Energy Administration. 
May 23, 2025
The California State Assembly’s Appropriations Committee has passed a net metering bill that could worsen residential solar owners’ rates when acquiring a property.
May 20, 2025
Third-party ownership (TPO) of non-residential projects in the US has led commercial and industrial (C&I) and community solar financing in 2024.
May 9, 2025
Continued “weak demand” from the commercial and industrial (C&I) and residential segments has negatively impacted SMA Solar’s sales and income in the first quarter of 2025.
May 7, 2025
The Scarlet II Solar Energy Park currently features 200MW of solar capacity paired with a 40MW/160MWh BESS.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
September 16, 2025
Athens, Greece