Capital Dynamics Completes Acquisition of 353 MW Solar Portfolio

Capital Dynamics has announced that its CEI business has completed the acquisition of a portfolio of 16 operating solar projects from Coronal Energy

Capital Dynamics, an independent global private asset management firm, today announced that its Clean Energy Infrastructure (CEI) business has completed the acquisition of a portfolio of 16 operating solar projects from Coronal Energy, LLC.

The portfolio comprises 353 MW of operating solar photovoltaic capacity across diverse and attractive power markets, including Arizona, California, Florida, Virginia, Tennessee, and Ontario, Canada. Each asset utilises commercially proven and efficient technology and is fully contracted under long-term power purchase agreements.

“We are very pleased to have completed this transaction with Coronal. This high quality, contracted assets will be an important addition to our 4.6 GW solar portfolio in the United States” said John Breckenridge, Head of the Capital Dynamics Clean Energy Infrastructure business. “Each of these assets serves a distinct role in meeting the clean energy needs of their respective markets in a safe, reliable and environmentally responsible manner.”

“This was a complex transaction that involved the coordination and outstanding efforts from a wide range of stakeholders.  We appreciate the efforts from our partners and counter-parties to execute a major transaction in the North American renewable energy market during times of unprecedented challenges,” said Tim Short, Managing Director of Capital Dynamics. “This acquisition continues the CEI team’s strong track record as a provider of long-term, yield-producing capital to the renewable energy market – and delivering execution certainty to our partners in an increasingly dynamic environment.”

Amis, Patel & Brewer, LLP served as legal counsel for Capital Dynamics. MUFG Union Bank NA, Sumitomo Mitsui Banking Corporation, and Commonwealth Bank of Australia served as coordinating lead arrangers for the acquisition financing.

In January, Capital Dynamics had announced that its CEI business has entered into a development partnership with 8minute Solar Energy through the equity financing and acquisition of the Eland Solar & Storage Center, a 400 MW solar and storage center project located in Kern County, California.