Capital Dynamics says its Clean Energy Infrastructure (CEI) business has completed the acquisition of the remaining 69.98% interest in Arlington Valley Solar Energy II (AVSE II), a 175 MW DC solar photovoltaic (PV) project, from funds managed by affiliates of Apollo Global Management Inc.
CEI acquired a 30.02% interest in AVSE II as part of the acquisition of three solar PV projects from LS Power in November. Following the acquisition from the Apollo Funds, Capital Dynamics has assumed 100% interest in the AVSE II project. The 438 MW DC operating solar PV portfolio includes:
-Centinela Solar Energy, 252 MW DC located in Imperial County, Calif.
-Arlington Valley Solar Energy II, 175 MW DC located in Maricopa County, Ariz.
-Dover Sun Park, 11 MW DC located in Dover, Del.
“This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II,” says Tim Short, managing director of CEI at Capital Dynamics in New York. “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. We welcome the full ownership of AVSE II into our 3.1 GW DC portfolio of operating U.S. solar projects.”
King & Spalding LLP and Amis, Patel & Brewer LLP served as legal counsel for Capital Dynamics.
Citigroup Global Markets Inc. acted as financial advisor to Apollo, and Kirkland & Ellis LLP and Allen & Overy LLP served as legal counsel to Apollo.