TortoiseEcofin and Shikun & Binui (S&B) USA Vitality have invested an undisclosed sum to purchase a 108MW California photo voltaic undertaking from Capital Dynamics.
Capital Dynamics stated TortoiseEcofin and S&B USA Vitality will every purchase a 49.5% stake within the Beacon portfolio in Kern County, consisting of the Beacon II and Beacon V tasks.
Capital Dynamics stated it should retain a 1% stake within the of Beacon portfolio.
Capital Dynamics acquired the Beacon tasks from SunEdison within the first quarter of 2016.
Each websites interconnect and promote energy to the Los Angeles Division of Water and Energy (below two 25-year fastened charge Energy Buy Agreements.
Jerry Polacek, head of Ecofin’s personal sustainable infrastructure group, stated: “We’re happy to be investing on this confirmed utility-scale photo voltaic working portfolio that generates 100% of its income below contract with an funding grade rated utility.
“This acquisition intently aligns with our traders’ want for sustainable dividends and engaging returns.”
Sharon Novak, CEO of Shikun & Binui America, stated Shikun & Binui America initiated its US vitality exercise in March of 2020 and is worked up to have its first photo voltaic property right here.
“This builds upon our worldwide expertise in vitality growth of roughly 2GW of property already linked to the grid in addition to different property below growth.”
Kathryn Carpenter, principal of unpolluted vitality infrastructure at Capital Dynamics, stated: “After bringing the Beacon portfolio via closing growth and operations, it’s well-positioned to offer secure money yields to TortoiseEcofin and Shikun & Binui America.
“We sit up for having our absolutely built-in asset administration affiliate proceed to supervise the portfolio, as we ship a strategic monetization on behalf of a long-term investor.”
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