US Investment Platform CleanCapital Invests in Largest Solar Project in Alaska

Renewable energy investment platform, CleanCapital has announced a corporate investment in Alaska-based solar developer Renewable IPP. The company has also made a commitment to fund an 8.5 megawatt (MW) solar project and the future development of a pipeline.

The official statement of CleanCapital read that when completed, the 8.5 MW solar project, which will supply renewable energy to local utility Matanuska Electric Association, will be the largest solar asset ever built in the state.

CleanCapital said that construction commences this month with an anticipated completion date of summer 2023. When fully operational, the solar array will power approximately 1,400 homes per year, helping to stabilize energy prices and diversify energy generation in Alaska.

CleanCapital said that it will provide financing for project construction and serve as the long-term owner-operator of the site. In addition to construction financing, CleanCapital investment will fund Renewable IPP’s operations to accelerate the development of its future pipeline in Alaska.

“Thanks to CleanCapital, we are expanding the envelope of solar deployment worldwide. Proving solar works in the last frontier begs the question, can’t it work anywhere? We would not be here today without the tremendous support of the MEA team,” ” said Jenn Miller, CEO of Renewable IPP.

“Accelerating the energy transition necessitates seeking out regions that are currently underserved by the solar industry and working with local partners to build the projects that will bring cost-competitive and emissions-free power to those communities,” remarked Julia Bell, Chief Commercial Officer at CleanCapital.

Tony Izzo, CEO, Matanuska Electric Association, “MEA is excited to partner with Renewable IPP to expand the amount of renewable energy on our system. Member surveys indicate people want MEA to produce more power with renewable energy, but not at an additional cost. We believe this project achieves that goal while helping MEA responsibly meet the board’s carbon reduction targets.”

Wood Mackenzie ranks CleanCapital as one of the ‘Top 10’ commercial solar asset owners in the U.S. CleanCapital claims that the present acquisition, along with several others we’ve announced this year, ensures that the company not only remain competitive but are well-positioned to drive the energy transition. With this investment in Renewable IPP, CleanCapital’s early-stage solar and solar-plus-storage development pipeline now totals more than 1 GW.