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.

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

September 20, 2022
US thin-film module manufacturer Toledo Solar is planning to expand production in response to the passage of the Inflation Reduction Act.
September 19, 2022
RE+, which will run until Thursday (22 September), kicked off today in Anaheim, California, with people filtering into the grounds of the conference centre, although many exhibitions and booths are still being built.
September 19, 2022
California Governor Gavin Newsom has signed a proposed community solar programme into law that will help low income communities benefit more from solar PV.
September 16, 2022
Residential solar installer SunPower has made minor investments in solar dealers Renova Energy and EmPower Solar.
September 14, 2022
Despite “breakthrough” renewables growth across Southeast and Eastern Europe, the Caucasus and Central Asia in recent years, more needs to be done to boost deployment and reduce the region’s reliance on Russian energy imports.
September 14, 2022
Private equity giant BlackRock Real Assets has acquired New Zealand solar and energy storage provider solarZero.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)