Reznick Capital Markets Securities (RCMS) has helped facilitate a funding plan to develop a large portfolio of distributed generation solar plants for asset manager Capital Dynamics.
The 39.3 MW portfolio is located across nine locations in California and four locations in Massachusetts with multiple off-takers including utilities, schools and municipalities.
‘Distributed generation continues to develop as a strong part of the renewable energy mix,’ says Tim Kemper, CohnReznick partner and co-lead of the firm's renewable energy practice. ‘I believe we will see more projects like this take shape, and we are delighted to work with such renewable energy leaders like Capital Dynamics.’
RCMS says accounting and tax advisory firm CohnReznick LLP provided financial and tax advisory services. An unnamed financial institutional investor acted as the tax equity partner. The financial details of the deal have not been disclosed.
‘This was a complex and exciting deal – portfolios of commercial-scale projects have their own unique challenges, which make them interesting to finance,’ says RCMS Director Conor McKenna. ‘We were happy to help facilitate the successful completion of such a large portfolio for one of our clients.’