SunEast Development LLC, a solar developer operating out of Connecticut and Pennsylvania, has announced the closing of a development capital raise from New Hampshire-based asset management firm New Energy Capital Partners LLC (NEC).
The capital funding will support the continued development of a 105 MW AC solar portfolio acquired by SunEast in June and further accelerate the company’s solar development and acquisition efforts in the eastern U.S.
“We were looking for an investor that shared our strategic vision for the U.S. solar markets, and we found that in NEC,” says Tom Swank, president of SunEast. “We are excited for the opportunity to utilize NEC’s investment to continue to expand SunEast’s efforts to develop clean, affordable renewable energy projects.”
Whitehall & Company LLC served as financial advisor to SunEast on the transaction. Foley & Lardner LLP and Rath, Young and Pignatelli served as legal advisors to SunEast and NEC, respectively.
Founded in 2012, SunEast is a privately held clean energy development and management services company. SunEast and its affiliates have managed the development of solar projects in 10 states, including utility-scale projects currently in operation in Connecticut and Massachusetts.