Capital Dynamics Completes Acquisition of Three Solar Photovoltaic Projects from LS Power

Capital Dynamics expands its utility-scale solar photovoltaic portfolio with the acquisition of three high-quality, fully-contracted operating projects

Capital Dynamics, an independent global private asset management firm, announced today that its Clean Energy Infrastructure (CEI) business has completed the purchase of three solar photovoltaic (PV) projects from LS Power. Simultaneously CEI completed the placement of over USD 400 million in long-term, fixed-rate notes with top-tier institutional investors.

The portfolio comprises 316 megawatts (MWdc) of operating solar resources located in California, Arizona, and Delaware. Each project utilizes commercially proven and efficient technology, and is fully contracted under long-term power purchase agreements. The projects achieved commercial operations between 2011 and 2014.

The portfolio includes:

• 100% interest in Centinela Solar Energy, 252 MWdc located in Imperial County, California
• 30% interest in Arlington Valley Solar Energy II, 175 MWdc located in Maricopa County, Arizona
• 100% Interest in Dover Sun Park, 11 MWdc located in Dover, Delaware

“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. “With the addition of these high-quality assets, our team further cements our position as the largest private owner of solar assets in the United States, with a fleet exceeding 3.5 gigawatts (GWdc)¹. This transaction demonstrates our ability to leverage that scale and add value, serving as another example of our ability to deliver execution certainty to our partners against the backdrop of an unprecedentedly challenging year.”

Jefferies, LLC served as Exclusive Financial Advisor and Lead Placement Agent for the acquisition and financing with Commonwealth Bank of Australia as Co-Manager of the private placement of the notes. King & Spalding, LLP and Amis, Patel & Brewer, LLP served as legal counsel for Capital Dynamics.