An earlier solar development of Tenaska's in the US. Image: Tenaska.
Asset management firm Capital Dynamics has struck a strategic partnership with Nebraskan independent power producer Tenaska to bring forward 4.8GW of solar in the Midwest and Southeast US.
The deal will see Capital Dynamics’ clean energy infrastructure arm take on a total of 24 solar projects spread across the Midcontinent Independent System Operator (MISO) and Southeast Reliability Council (SERC) markets, which Capital Dynamics said constitutes a “large share” of all solar projects currently in those respective interconnection pipelines.
Tenaska’s Solar Ventures development business will collaborate with Capital Dynamics to bring the portfolio on stream.
Tenaska has brought forward around 10.5GW of gas-fired and renewable power projects in the US. It has previously collaborated with Capital Dynamics on two utility-scale solar farms based in Southern California and Steve Johnson, senior vice president of Tenaska’s strategic development and acquisition group, said the deal “further strengthens the relationship between our two companies.”
“The Tenaska team has done an excellent job overseeing a large portfolio of solar projects in attractive markets, and has worked well with our team in the past. We believe it is important to deliver competitive solar projects in regions where customers are switching to renewables,” Benoit Allehaut, managing director of Capital Dynamics’ clean energy infrastructure division, said.
In striking the deal, Capital Dynamics has diversified its US solar portfolio to now spread across seven new states. The group currently manages around 7.3GW of renewables across both the US and Europe, making it one of the world’s largest owners of renewable assets.
It is also a continuation of a spending spree that has seen Capital Dynamics acquire large quantities of utility-scale solar throughout the US, started in earnest nearly two years ago when it closed on a US$1.2 billion fund raise to pursue such projects.
Notable acquisitions have included 8minute Solar Energy’s landmark Eland Solar & Storage project in California, which it acquired at start of this year. It has also taken sizeable projects and portfolios in Nevada, Indiana and Arizona, to name a few.
Jun 15 - Jun 16, 2021
Looking at the drivers and dynamics of utility scale solar in the UK & Ireland over the next five years. This event will consider the immediate challenges as we enter the build phase in both these markets where we could see as much as 4GW deployed in 2021 alone! What developments will continue the growth of 100MW+ sites and what impact will government policy have on the rate of deployment in both markets?Join leading developers and manufacturers shaping the direction of one of Europe’s most active markets and hear from speakers with a history of influencing innovation and change.
Feb 03 - Feb 04, 2021
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.