CleanCapital, BlackRock Close Deal On 60-Project U.S. Solar Portfolio

CleanCapital has partnered with BlackRock’s global renewable power platform to close a 46.9 MW portfolio of solar assets from Ahana Renewables, a subsidiary of ATN International Inc.

The portfolio consists of 60 operating solar projects in California, Massachusetts and New Jersey. The acquisition represents CleanCapital’s largest to date, as well as the first that was managed entirely through CleanCapital’s diligence software platform.

With today’s announcement, CleanCapital has now acquired nearly $250 million of operating solar assets in the U.S. since its founding less than three years ago. It has done so by pairing institutional capital with technology solutions that simplify underwriting in this fragmented space, the company explains.

“This transaction ushers in a new phase for CleanCapital as we launch our partnership with one of the world’s leading renewable power investors, BlackRock, leveraging our cutting-edge software,” comments Thomas Byrne, CEO of CleanCapital. “As the energy landscape becomes cleaner and more distributed, CleanCapital will continue to create solutions and partnerships that deliver capital throughout this transforming market.”

“BlackRock Real Assets is excited to launch this new partnership with CleanCapital, which will allow us to more efficiently deploy capital in the distributed generation sector of renewable power on behalf of our clients,” adds David Giordano, BlackRock’s managing director and head of renewable power for the Americas and APAC. “Investors are increasingly interested in the investment opportunities presented by the rapidly changing clean energy space, and we’re pleased to invest in solar assets that are well-positioned to capitalize on those trends. We look forward to working with CleanCapital as we continue to grow our investments in distributed clean energy.”

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