US climate investment firm HASI has invested an undisclosed sum into a 605MW solar-plus-storage portfolio owned by US utility AES Corporation.
The deal will take the form of a structured equity investment.
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
The portfolio is comprised primarily of community solar and commercial solar-plus-storage projects, over a third of which HASI said are paired with energy storage. They cross seven power markets and 11 states: Arizona, California, Colorado, Connecticut, Georgia, Hawaii, Illinois, Massachusetts, New York, Rhode Island, and Vermont.
AES will continue to own and operate the projects, which a press release said are “contracted with a diverse group of predominately investment-grade corporate, utility, and municipal off-takers”.
James Marshall, CFO for AES’ clean energy business in the US said: ““AES’ purpose is to accelerate the future of energy. This investment in AES’ operating renewables portfolio represents a continuation of our partnership with HASI that will free up capital to develop and build new clean energy projects in the US.”
Indeed, in May 2023 the utility confirmed plans to triple its renewables capacity by 2027 and abandon coal generation by 2025. A month later, it purchased the 2GW Bellefield solar-plus-storage project in Kern County, California from its developer, Avantus.
Earlier this week, fellow US utility American Electric Power (AEP) sold its entire stake in solar projects in New Mexico to Exus Asset Holdings.
