The joint venture will focus on providing large pools of institutional capital direct exposure to the distributed generation (DG) market
Image: The JV Sol Customer Solutions will work from Sol Systems’ Washington. DC headquarters. Photo courtesy of andreas160578 from Pixabay.
Global asset management firm Capital Dynamics’ Clean Energy Infrastructure (CEI) has formed Sol Customer Solutions, a joint venture (JV) with Sol Systems to address the commercial solar market.
The joint venture will focus on providing large pools of institutional capital direct exposure to the distributed generation (DG) market, a segment which is touted to offer highly competitive renewable energy solutions for commercial, municipal, and educational customers. Financial details about the JV were not disclosed.
Capital Dynamics managing director Tim Short said: “We are excited to partner with Sol Systems to acquire a significant portfolio of DG projects while working alongside a premier development platform in the space.
“The large scale DG market is rapidly evolving and this investment is a critical part of our broad focus on this important sector in the market. We are confident Sol Customer Solutions is well positioned to serve this expanding customer base.”
As per Capital Dynamics, large commercial, municipal and educational customers are deciding from where and how they source their electricity and are fundamentally transforming energy infrastructure across the US and abroad.
Falling costs of solar and storage along with increasing local, state and corporate renewable energy targets, are driving significant growth in the distributed solar generation market.
Sol Systems CEO Yuri Horwitz said: “Sol and Capital Dynamics have a shared vision to better serve customers with a more comprehensive and integrated suite of renewable energy and storage solutions.
“There is tremendous opportunity for our clients throughout the nation to transition into more sustainable, resilient and low-cost energy. We plan to be a catalyst for that transition.”
Sol Systems claims that since 2008, it has financed and developed more than 850MW of solar assets. The JV Sol Customer Solutions will work from Sol Systems’ Washington. DC headquarters and will be managed by Sol Systems vice president Andrew Gilligan.
In May, Capital Dynamics and First Solar commissioned the 280MW California Flats solar project. The project is located on 2,900 acres of ranch land in Jack Ranch owned by Hearst, near the borders of San Luis Obispo and Monterey County.
Power generated from the solar farm will be sold under two long-term PPAs, serving both utility and corporate renewable customers.