Global energy transition investment firm Denham Capital has acquired Solops and made an initial $200m commitment to the US solar company.
Denham said it has bought Solops and will support the growth of the business including the execution of Solops’s 800MW-plus pipeline of project investments.
Solops is a developer, financier, and owner and operator of photovoltaic solar projects in the commercial and industrial sectors throughout the US.
The company has collectively developed and built over 3GW of commercial and industrial solar projects across 29 states and closed on financings in excess of $2.1bn.
Justin DeAngelis, partner and co-head of sustainable infrastructure at Denham Capital, said: “Solops is a great opportunity for Denham Sustainable Infrastructure’s newest fund to help execute on our buy and build strategy, where we are supporting the growth of businesses led by industry experts.
“We have been supporting global investment in utility-scale solar PV for over 15 years and Solops is our first investment in the distributed generations space, where we see lots of opportunities not only in the US but globally. The Solops team have an impressive track record and we are excited about this partnership with the management team to take Solops to the next level.”
Matthew Rosenblum, CEO and co-founder of Solops, said: “Solops maintains an extensive network of tax equity and debt partners for project funding and will provide all of the sponsor investment required for the development, construction and management of its portfolio assets.
“Under this new ownership, Solops now becomes an independent power producer, giving it full control over the entire project life cycle in order to implement the Solops best-practice policies and procedures which have been highly successful over the past 12 years.”
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