CleanCapital Acquires Solar Assets, Expands Portfolio to 340 MW

CleanCapital, a major independent power producer dedicated to distributed clean energy, said it has acquired a portfolio of 40 assets equating to 22.7 MW from Kendall Sustainable Infrastructure (KSI). The acquisition brings the total operating and under construction portfolio of CleanCapital above 340 MW, with over 240 projects.

Wood Mackenzie cited that this would make CleanCapital one of the biggest commercial solar portfolios in the country. The deal also symbolizes the close of the first community solar fund at KSI.

Equity Investment

Besides the acquisition, Manulife Investment Management (Manulife IM) and its institutional co-investors increased equity investment in CleanCapital. Manulife IM brought $145 million through the latest round of funding. The fresh tranche complements the earlier commitment Manulife IM had made in 2023.

This sustained investment highlights the increasing demand for clean energy infrastructure and underpins CleanCapital's appeal to top institutional investors. Since Manulife IM first invested in 2021, CleanCapital has committed over $1 billion to new build and operating solar and energy storage assets.

Demand for Clean Energy

Thomas Byrne, CEO of CleanCapital, put a spotlight on the growing demand for clean energy. “The growth of data centers and reshoring of manufacturing is driving up electricity demand at rates not seen in decades.”

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He added, “A rapid ramp-up of solar and energy storage installations is critical to meeting that need for businesses, communities, and consumers. This latest acquisition and infusion of capital shows that our team has the backing and track record to lead in this sector.”

Kendall Solar Portfolio Highlights

The Kendall solar portfolio acquired includes net-metering and community solar assets that began commercial operation between 2015 and 2018. The acquired solar assets cater to different customers such as municipal, utility, commercial, industrial clients, and community solar subscribers.

Out of the 40 assets, 38 are located in Vermont. The remaining two are located in New York and California. The states have aggressive renewable energy policies and aggressive generation targets, further supporting CleanCapital's clean energy mission.

This acquisition keeps CleanCapital in pursuit of its mission to speed up the deployment of clean energy solutions across the US. With its portfolio expanding, combined with its new investment, the company remains a leading player in the solar energy market.

CleanCapital will use this capital injection to enhance early-stage development work and deepen its involvement in the transition towards a more sustainable energy future.