The acquisition improves CleanCapital’s position in the rapidly-consolidating market share of the top commercial solar asset owners.
The Vallecitos Water District Twin Oaks Reservoir, San Marcos, CA
CleanCapital announced it acquired a 39-project, 65.3MW portfolio of solar assets spanning 12 states from BR Group Holdings.
The 39 projects outlined in the acquisition are spread across 91 total sites, ranging from 0.2 MW to 6.5 MW in size. The portfolio includes a number of projects providing solar energy to schools, including 20 carport assets serving California’s Stockton Unified School District and 16 sites serving the Hawaii Department of Education. The portfolio also includes 11.5 MW of Minnesota community solar projects with various C&I off-takers.
According to CleanCapital, the acquisition came to be partly due to an ongoing trend towards consolidation in the clean energy industry, specifically among the market share of the top commercial solar asset owners. As CleanCapital outlines in the acquisition announcement, the annual market share of the top commercial solar asset owners has increased from 26% in 2019 to 34% in 2021 through Q3, according to Wood Mackenzie.
This acquisition is the sixth in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021. The company has successfully acquired and managed 200 projects in 24 states totaling more than 300 MW. Its cumulative acquisitions total more than $800 million.
“In this relatively fragmented segment of the industry, only a handful of commercial solar asset owners have total portfolios over 100 MW,” said Principal Analyst at Wood Mackenzie, Michelle Davis. “In general, the commercial solar industry—including community solar—is slowly consolidating. We would expect this trend to continue as sophisticated long-term asset owners continue to build and expand their financing platforms.”
In June 2021, CleanCapital partnered with CI Renewables to provide financing for 11 projects, totaling 29 MW, which are scheduled to achieve commercial operations throughout 2022. Under the agreement, CI will supervise construction of the projects which are in Howard County, Maryland, between Washington, D.C. and Baltimore.
In April 2020 Howard County signed a power purchase agreement for the energy, which is expected to account for around 30% of the county government’s total annual electricity use. The agreement provides a total anticipated cost benefit of $1.2 million for the 25-year life of the contract.
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