TortoiseEcofin and Shikun & Binui (S&B) USA Energy have invested an undisclosed sum to buy a 108MW California solar project from Capital Dynamics.
Capital Dynamics said TortoiseEcofin and S&B USA Energy will each acquire a 49.5% stake in the Beacon portfolio in Kern County, consisting of the Beacon II and Beacon V projects.
Capital Dynamics said it will retain a 1% stake in the of Beacon portfolio.
Capital Dynamics acquired the Beacon projects from SunEdison in the first quarter of 2016.
Both sites interconnect and sell power to the Los Angeles Department of Water and Power (under two 25-year fixed rate Power Purchase Agreements.
Jerry Polacek, head of Ecofin’s private sustainable infrastructure team, said: “We are pleased to be investing in this proven utility-scale solar operating portfolio that generates 100% of its revenue under contract with an investment grade rated utility.
“This acquisition closely aligns with our investors’ desire for sustainable dividends and attractive returns.”
Sharon Novak, CEO of Shikun & Binui America, said Shikun & Binui America initiated its US energy activity in March of 2020 and is excited to have its first solar assets here.
“This builds upon our international experience in energy development of approximately 2GW of assets already connected to the grid as well as other assets under development.”
Kathryn Carpenter, principal of clean energy infrastructure at Capital Dynamics, said: “After bringing the Beacon portfolio through final development and operations, it is well-positioned to provide stable cash yields to TortoiseEcofin and Shikun & Binui America.
“We look forward to having our fully integrated asset management affiliate continue to oversee the portfolio, as we deliver a strategic monetization on behalf of a long-term investor.”
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