Asset manager Capital Dynamics has acquired of a portfolio of 16 operating solar farms in North America totalling 353MW from Coronal Energy for an undisclosed price.
The purchase, which is through Capital Dynamics’ clean energy infrastructure business, covers projects in the US states of Arizona, California, Florida, Virginia and Tennessee, as well as the Canadian province of Ontario.
Capital Dynamics said each asset utilises commercially proven and efficient technology and is fully contracted under long-term power purchase agreements.
Capital Dynamics clean energy infrastructure business head John Breckenridge said: “We are very pleased to have completed this transaction with Coronal.
These high quality, contracted assets will be an important addition to our 4.6GW solar portfolio in the US.
“Each of these assets serves a distinct role in meeting the clean energy needs of their respective markets in a safe, reliable and environmentally responsible manner.”
Capital Dynamics managing director Tim Short said: “This was a complex transaction that involved the coordination and outstanding efforts from a wide range of stakeholders.
“We appreciate the efforts from our partners and counterparties to execute a major transaction in the North American renewable energy market during times of unprecedented challenges.
“This acquisition continues the CEI team’s strong track record as a provider of long-term, yield-producing capital to the renewable energy market – and delivering execution certainty to our partners in an increasingly dynamic environment.”
Amis, Patel & Brewer was legal counsel for Capital Dynamics, while MUFG Union Bank, Sumitomo Mitsui Banking Corporation and Commonwealth Bank of Australia served as coordinating lead arrangers for the acquisition financing.