Asset manager Capital Dynamics has completed the acquisition of the outstanding interest in the 175MW Arlington Valley Solar Energy 2 project in the US state of Arizona from funds managed by affiliates of Apollo Global Management.
The acquisition of the remaining 69.98% follows the 30.2% in the project acquired in November as part of a deal for three solar projects from LS Power.
The other two projects are the 252MW Centinela in Imperial County, California, and 11MW Dover Sun Park in Dover, Delaware.
Capital Dynamics managing director of Clean Energy Infrastructure Tim Short said: “This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE 2.
“This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction.
“We welcome the full ownership of AVSE 2 into our 3.1GWdc portfolio of operating US solar projects.”
Apollo co-head of infrastructure and natural resources Geoffrey Strong said: “Having made significant operational and financial performance improvements, Arlington Valley Solar is well positioned for growth and success in its next phase backed by Capital Dynamics.
“At Apollo, we continue to find attractive opportunities in renewable energy assets, demonstrated by recent transactions across our infrastructure business, as a result of the growing, long-term demand for clean energy.”
Law firms King & Spalding and Amis, Patel & Brewer served as legal counsel for Capital Dynamics.
Citigroup Global Markets was financial advisor, and Kirkland & Ellis and Allen & Overy served as legal counsel to Apollo.