CleanCapital acquires over 14.23 MW of operating solar assets in the U.S. from X-Elio
U.S. based financial technology company CleanCapital announced yesterday its largest solar acquisition to date from X-Elio, a Spanish developer with U.S. operations based out of Reno, Nevada. The 14.23 MW portfolio leverages capital from CleanCapital’s new partnership with CarVal Investors.
CleanCapital and CarVal Investors, a leading global alternative investment fund manager, announced a new $250 million equity partnership last month that, including debt financing, enables the acquisition of up to $1 billion of clean energy assets.
The portfolio of eight operating solar projects in two states leverages new $250 million equity partnership with CarVal Investors. These solar projects are located in California and Vermont and consist of high-quality customers including schools, a vineyard and two utilities.
CleanCapital’s proprietary platform streamlines and expedites due diligence and analysis, allowing complex deals like this one to close in less than 60 days.
Jon Powers, President, CleanCapital said:
“CleanCapital remains committed to unlocking the billions of dollars of untapped capital sources that have been absent from this sector. We continue to look for partnerships with developers like X-Elio to provide liquidity and capital to small-scale, distributed energy markets.”
Steve Sceery, Head of Corporate M&A, X-Elio said:
“The CleanCapital team knows how to professionally manage the acquisition of operating solar assets. These deals can have a complex diligence process, but their team executed efficiently and seamlessly making our job as the seller much easier. I am looking forward to working closely with them in the future.”
This was the partnership’s first acquisition which adds to CleanCapital’s current porfolios which include assets such as a 100kW system in California (power sold to a hospital), a 1.2MW system in Colorado (power sold to a university) and a 2.4MW system in New Jersey (power sold to Fortune 100).
Source: Press Release by CleanCapital.
