ZUG, Switzerland and SAN DIEGO , (November 29, 2012) : Capital Dynamics, a global private asset manager, and EDF Renewables are pleased to announce that the Capital Dynamics US Solar Energy Fund has acquired a 12.8 megawatt peak (MWp) portfolio of solar energy projects in Long Island, New York from EDF Renewables (formerly known as enXco).
The 12.8 MWp portfolio of seven solar photovoltaic (PV) projects, in both operation and advanced construction, was developed by EDF Renewables, the U.S. subsidiary of Paris-based EDF Renouvelables. The seven sites make up one of the largest solar PV portfolios currently installed in New York State and consist of carport structures situated on county-owned land in Suffolk County, Long Island. Each project in the portfolio benefits from a 20-year Power Purchase Agreement (PPA) with the AA-rated municipal utility, Long Island Power Authority.
Capital Dynamics’ Clean Energy and Infrastructure (CEI) team is an active institutional investor in commercial and utility-scale solar energy in the United States. This latest acquisition is the Fund’s fifth investment to date and brings its portfolio to more than 60 MW of both operational and under-construction assets in California, Massachusetts, New Jersey, New York and Pennsylvania. The Fund has now committed over USD 200 million to a diversified portfolio of solar energy projects ranging from ground-mount and rooftop, to carport installations.
“This latest investment provides our investors with a high-quality addition to a growing portfolio of solar energy projects now spanning five US states,” said Karl Olsoni, Managing Director at Capital Dynamics. “It is a well engineered and constructed portfolio of first-rate assets supported by a 20-year sales contract with a leading New York energy utility. These assets will deliver clean and renewable energy to Long Island residents for many years to come.”
“We are pleased to provide investors with an expanding, diversified portfolio of solar energy assets in the US solar energy market,” said Stefan Ammann, CEO of Capital Dynamics. “Direct investing in clean energy assets that feature extended PPAs with investment-grade utilities and corporations helps secure long-term cash flows for our investors.”
“EDF Renewables is pleased to engage in a business relationship with Capital Dynamics with such a unique carport project, exemplifying how solar power can maximize land use for dual-use,” said Raphael DeClercq, Business Development Manager for EDF Renewables. “The divestiture is another opportunity to optimize our diversified portfolio of renewable projects and is a further testament to EDF Renewables’ versatility to foster innovation and create value for the community while meeting the renewable electricity needs of the utility.”
Capital Dynamics’ CEI team collectively holds over 100 years of experience in investing, financing, owning and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this new class of real assets, Capital Dynamics’ CEI business mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, geothermal, small hydro and landfill gas – across the globe. Since establishment of Capital Dynamics’ CEI business, the CEI team has successfully acquired, built and now manages more than 100 MW of clean energy capacity in North America and Europe.