Private asset management firm Capital Dynamics announced today that it has completed the acquisition of three solar photovoltaic (PV) projects from LS Power, through its Clean Energy Infrastructure business. The company simultaneously announced the completion of a round of financing with the placement of over $400 million in long-term, fixed-rate notes with institutional investors.
Capital Dynamics originally announced the agreement to purchase the projects from power generation, transmission and investment company LS Power in September. The acquired assets consist of 316 MW of operating solar resources located in California, Arizona, and Delaware. The portfolio includes 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.
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:
“This acquisition provides our investors with immediate capital deployment into a diversified, operating and highly contracted portfolio delivering long-term, stable cash yield. 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). 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.”