Capital Dynamics finalises 316 MW solar buy

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By kasparsdambis on 2016-06-21 13:18:23
tags Capital Dynamics finalises 316 MW solar buy

November 20 (Renewables Now) – The Clean Energy Infrastructure (CEI) business of asset manager Capital Dynamics has wrapped up the acquisition of 316 MW of solar power generating capacity in direct current (DC) from LS Power.

The buyer announced the closing of the transaction on Thursday and said it had simultaneously finalised the placement of more than USD 400 million (EUR 337m) in long-term, fixed-rate notes with top-tier institutional investors.

As unveiled in late September, the CEI business agreed to buy two solar power plants in full and a 30% interest in a third facility. More information is available in the table below.

Name	Capacity (Net ownership)	Location	Interest to be acquired by CEI
Centinela Solar Energy	252 MW	Imperial County, CA	100%
Arlington Valley Solar Energy II	175 MW (53 MW)	Maricopa County, AZ	30%
Dover Sun Park	11 MW	Dover, DE	100%

All three solar parks are fully contracted under long-term power purchase agreements (PPAs). They achieved commercial operations between 2011 and 2014.

“This acquisition provides our investors with immediate capital deployment into a diversified, operating and highly contracted portfolio delivering long-term, stable cash yield,” said Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics in New York. He noted that the firm now has a solar asset fleet in the US that exceeds 3.5 GW DC of net ownership.

(USD 1.0 = EUR 0.843)