Capital Dynamics has announced that its Clean Energy Infrastructure (CEI) team closed the new, permanent financing for its acquisition of 8point3 Energy Partners LP (8point3), a San Jose, California-based yieldco.
With the completion of this transaction, Capital Dynamics adds a portfolio of 14 solar projects located in the US across 54 facilities totalling 710 MWdc of net installed capacity and secured long-term agreements with 12 off-takers, making it the second-largest solar portfolio manager in the US1.
The transaction also marks the final major acquisition made by the CEI team’s fifth fund, Clean Energy Infrastructure V JV LLC, which closed at USD 1.2 billion in January 2017, and culminates an 18-month period of investing USD 6.3 billion in debt, tax equity and equity financing in the sector. The Netherlands’ APG, the California State Teachers’ Retirement System (“CalSTRS”) and a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) are the three investors in the CEI V vehicle.
“The completion of the 8point3 transaction is a significant milestone in the growth and momentum of our clean energy infrastructure team and positions us as one of the largest acquirers of renewable energy projects in North America,” said John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business. “We look forward to integrating these assets into our portfolio and executing our proven strategy for managing these projects.”
“We’re very proud of the CEI team’s dedication to closing this milestone transaction,” added Tim Short, a director in the Clean Energy Infrastructure team, who led the transaction. “We’re also grateful for the support of our lead financing partners MUFG and Allianz Global Investors, as well as the commitments from Commonwealth Bank of Australia, KeyBank, Natixis, Sabadell, Santander, Rabobank, Nomura and Barings.”
The Capital Dynamics Clean Energy Infrastructure team’s global portfolio of nearly USD 3.5 billion in AUM and 3.0 GW of capacity in solar, wind, biomass, combined-cycle gas and landfill gas power generation technology investments has earned the CEI team industry recognition in 2018 from S&P Global Platts, Euromoney Power Finance & Risk and IJGlobal.
Amis, Patel & Brewer, LLP acted as transaction legal counsel, and Stoel Rives LLP acted as tax and regulatory counsel to Capital Dynamics.
Source: Company Press Release