Asset manager Capital Dynamics has acquired three solar farms totalling 316MW in the US from LS Power for an undisclosed price.
Under the terms of the deal, Capital Dynamics has taken 100% interests in the 252MW Centinela project in Imperial County, California, and 11MW Dover Sun Park in Delaware, as well as a 30% stake in the 175MW Arlington Valley 2 facility in Maricopa County, Arizona.
The projects achieved commercial operations between 2011 and 2014 and are fully contracted under long-term power purchase agreements.
Capital Dynamics Clean Energy Infrastructure managing director Tim Short 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 US, with a fleet exceeding 3.5GW.
“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.”
Simultaneously Capital Dynamics Clean Energy Infrastructure completed the placement of over $400m in long-term, fixed-rate notes with top-tier institutional investors.
Jefferies served as exclusive financial advisor and lead placement agent for the acquisition and financing, with Commonwealth Bank of Australia as co-manager of the private placement of the notes.
King & Spalding and Amis, Patel & Brewer served as legal counsel for Capital Dynamics.