Switzerland-based independent asset management company Capital Dynamics has completed the acquisition of 353MW solar portfolio from an independent power producer Coronal Energy.

The financial details of the transaction have not disclosed by the company.

The firm has acquired a portfolio of 16 operating solar projects in Arizona, California, Florida, Virginia, Tennessee, and Ontario, Canada, through its Clean Energy Infrastructure (CEI) business.

Capital Dynamics Clean Energy Infrastructure business head John Breckenridge said: “We are very pleased to have completed this transaction with Coronal.

“These high quality, contracted assets will be an important addition to our 4.6 GW solar portfolio in the United States.

“Each of these assets serves a distinct role in meeting the clean energy needs of their respective markets in a safe, reliable and environmentally responsible manner.”

The acquisition expands Capital Dynamics’ utility-scale solar portfolio

The addition of the contracted operating assets across North America is expected to expand Capital Dynamics’ utility-scale solar portfolio.

For the transaction financing, MUFG Union Bank NA, Sumitomo Mitsui Banking Corporation, and Commonwealth Bank of Australia acted as coordinating lead arrangers.

Amis, Patel & Brewer served as legal counsel for Capital Dynamics in the transaction.

In May this year,  the company acquired 100% equity stake in a subsidy-free onshore wind project from ABO Wind.

The acquisition of the 23.1MW Castlegore wind farm was made by its European Clean Energy Infrastructure (CEI) business.

Upon commencing full operations, the Castlegore wind farm is estimated to reduce greenhouse emissions by over 1.3 million metric tonnes during its lifetime.

The acquisition expanded Capital Dynamics’ existing portfolio of onshore wind farms in the UK.