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Bạn đang xem: CleanCapital Boosts Solar Portfolio With 23 MW Acquisition From Kendall Sustainable Infrastructure
CleanCapital, a leading independent power producer focused on distributed clean energy, has announced the acquisition of 40 assets from Kendall Sustainable Infrastructure (KSI), totaling 22.7 megawatts (MW). KSI is one of the first institutional owners of community solar projects. This acquisition marks a significant milestone for both companies, increasing CleanCapital’s portfolio to over 240 projects and more than 340 MW of operating and under-construction assets, making it one of the largest commercial solar portfolios in the U.S., according to Wood Mackenzie. The sale also marks the completion of KSI’s first of three funds dedicated to community solar.
Manulife Investment Management (Manulife IM), along with its institutional co-investors, has increased its equity investment in CleanCapital by $145 million. This follows Manulife IM’s previous commitment in 2023, with co-investors joining in as planned. This new funding highlights the growing demand for clean energy infrastructure and reinforces CleanCapital’s strong appeal to top institutional investors.
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The investment will help CleanCapital accelerate its early-stage development efforts, both through its in-house team and developer partnerships. It also strengthens CleanCapital’s reputation as a leading acquirer and owner-operator of solar assets. Since Manulife IM’s initial investment in 2021, CleanCapital has committed over $1 billion to new solar and energy storage projects.
Thomas Byrne, Chief Executive Officer of CleanCapital, stated, “The growth of data centers and reshoring of manufacturing is driving up electricity demand at rates not seen in decades. A rapid ramp-up of solar and energy storage installations is critical to meeting that need for businesses, communities, and consumers. This latest acquisition and infusion of capital shows that our team has the backing and track record to lead in this sector.”
Recep Kendircioglu, Global Head of Infrastructure, Manulife Investment Management, mentioned, “This latest investment demonstrates the confidence that Manulife IM has in this market opportunity and in CleanCapital’s ability to execute on it. Since our initial commitment three years ago, we have seen continued innovation from CleanCapital evidenced by its disciplined and forward-thinking investments that are growing the foundation for clean energy. We look forward to supporting the company’s expansion in both its asset base and pipeline across the U.S.”
The newly acquired Kendall solar portfolio includes net-metering and community solar assets that began commercial operation between 2015 and 2018. These solar assets serve various customers, such as MUSH (municipal, university, school, and hospital), utilities, commercial and industrial (C&I) clients, and community solar subscribers. Of the 40 assets, 38 are located in Vermont, with two in New York and California—states known for their strong renewable energy policies and ambitious renewable energy generation goals.
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John Chaimanis, Co-Founder and Managing Director of KSI, mentioned, “KSI was a first mover in this space identifying, financing and building this portfolio years ago. We built our business on the principles of fair dealing, scaling through repetition, and deployment of top-quality equipment. We are grateful to our early investors who recognized our potential, and they are pleased with the outcome of this transaction.”
“This acquisition underscores CleanCapital’s commitment to scaling distributed clean energy solutions across the U.S. The addition of these attractive assets strengthens our portfolio and enhances our ability to deliver reliable returns to our investors. Vermont’s commitment to sustainability and innovation makes it an ideal market to expand solar investments, delivering both economic benefits and measurable progress toward a cleaner energy future,” commented, Julia Bell, Chief Investment Officer at CleanCapital.
KSI’s other Co-Founder and Managing Director, Ken Lehman, further added, “We have been pleased with the many positive impacts we have created for our offtakers, host landowners and host communities, and our investors. We plan to continue to develop high quality projects like these for many years to come.”
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