CleanCapital has established a development partnership with Arena Renewables, with the companies set on bringing grid-critical assets to markets that include Illinois and Maryland.
Under the terms of the agreement, the companies will work together to finance and develop a portfolio of distributed solar projects focusing on community solar and corporate offtake. Arena Renewables will develop the projects, with CleanCapital providing a mix of debt and equity instruments to support Arena Renewables’ growth and operations, as well as own and operate projects long-term.
“We are excited to enter into this partnership with Arena Renewables because, at the core, they are dedicated to bringing more clean energy megawatts onto the grid to serve communities in need,” says Julia Bell, CIO at CleanCapital.
“The Arena team brings over three decades of experience in renewables, utilities and real estate along with their credibility and execution of solar and storage projects.”
CleanCapital’s pipeline totals 2 GW of solar and 8 GWh of energy storage.
Orrick, Herrington & Sutcliffe acted as counsel for CleanCapital on the transaction.
