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One of Coronal Energy's completed sites in Arizona. Image: Coronal Energy.

One of Coronal Energy's completed sites in Arizona. Image: Coronal Energy.

Asset management firm Capital Dynamics has purchased a 353MW portfolio of North American solar projects from independent power product Coronal Energy.

The portfolio comprises 16 individual projects in Arizona, California, Florida, Virginia, Tennessee, and Ontario, Canada.

Switzerland-headquartered Capital Dynamics acquired the projects through its Clean Energy Infrastructure business, which owns over 7GW of projects in North America and Europe.

It said each of the projects in its latest acquisitions used commercially proven technology and was fully contracted under long-term power purchase agreements.

John Breckenridge, head of the Capital Dynamics’ CIE business, said: “We are very pleased to have completed this transaction with Coronal. These high quality, contracted assets will be an important addition to our 4.6 GW solar portfolio in the United States. Each of these assets serves a distinct role in meeting the clean energy needs of their respective markets in a safe, reliable and environmentally responsible manner.” 

Tim Short, managing director of Capital Dynamics, added: “This acquisition continues the CEI team’s strong track record as a provider of long-term, yield-producing capital to the renewable energy market – and delivering execution certainty to our partners in an increasingly dynamic environment.”

So far in 2020, Capital Dynamics has notched up several significant acquisitions. In January, it announced the purchase of the landmark 400MW Eland solar-plus-storage project in California from 8minute Solar Energy. Eland made headlines last year following the completion of a deal with Los Angeles Department of Water and Power to sell power at record-breaking low tariffs.

Then in May it revealed the acquisition of a 100% equity stake in Spain’s 133MW Puerto Real 1 project from developer WElink, its second project acquisition in Iberia.

Tags: capital dynamics, coronal energy, secondary market, finance, investment, us