Private asset management firm Capital Dynamics announced that its Clean Energy Infrastructure business has agreed to acquire interests in three solar photovoltaic (PV) projects from power generation, transmission and investment company LS Power.
According to Capital Dynamics, the portfolio is comprised of 316 MW of operating solar power, located in 3 states, including a 100% interest in the 252 MW Centinela Solar Energy project, located in Imperial County, California, a 30% interest in the 53 MW Arlington Valley Solar Energy II project, in Maricopa County, Arizona, and a 100% interest in the Dover Sun Park project, in Dover, Delaware. LS Power was the original developer of the projects.
Capital Dynamics has been active in adding to its portfolio of renewable energy and battery storage projects. Earlier this summer the firm made several announcements regarding large-scale battery storage projects in California and Nevada.
Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics in New York, said:
“The acquisition of this portfolio is consistent with our strategy of acquiring or developing clean energy infrastructure assets in attractive locations. These high-quality, contracted projects will be an important addition to our 4.6 GW solar portfolio and our 2.9 GWh energy storage portfolio, compounding our ability to achieve benefits of scale, leverage our deep operational experience, and unlock opportunities to add value to this critical energy infrastructure.”
John King, LS Power Head of Renewables, said:
“When we began work on these projects a dozen years ago, we established ourselves as a market leader in utility scale solar development in the U.S. At that time, these projects were considered audacious in scope and scale, and the development and execution was challenging. We are proud of what we accomplished and pleased that Capital Dynamics, an experienced owner and operator of solar generation, will approach their stewardship of these projects with a similar long-term orientation.”
Concurrent with the agreement, LS Power also announced that it will expand its renewable energy efforts. LS Power CEO Paul Segal said:
“We remain dedicated to serving the needs of a rapidly evolving power grid and are redoubling our efforts to provide resources which can serve to decarbonize our economy. LS Power can maximize its contribution to decarbonization by continuing to develop incremental utility scale renewable generation, beyond our ongoing development efforts in battery storage and high voltage transmission. With that focus, we have established a new programmatic effort to develop, build, own and operate the renewable projects that will power the nation’s grid for decades to come. We intend to do this in scale, are adding to our team, and plan to deploy significant capital in order to execute on this vision.”