The solar project is said to be the ninth largest in the US. The stakes were acquired from Tenaska, an independent power producer in the US. These solar projects have achieved commercial operations and have also secured long-term power purchase agreement (PPA) with a California-based utility business. Capital Dynamics partnered with Hanwha Asset Management for this acquisition.

Capital Dynamics Clean Energy Infrastructure business Head John Breckenridge said: “This agreement continues our investment momentum and reinforces our strategy of identifying high quality investment opportunities. Tenaska is a key business relationship and we are delighted with the completion of this transaction.

“As one of the largest owners of renewable power projects in the US, we remain committed to our institutional partners and dedicated to execution excellence.”

In June, Capital Dynamics, through its Clean Energy Infrastructure (CEI) had completed the acquisition of 8point3 Energy Partners (8point3), a California-based yieldco.

After completing this transaction, Capital Dynamics has added 14 US-based solar projects to its portfolio, totalling 710MW of net installed capacity and secured long-term agreements and is claimed to have become the second-largest solar portfolio manager in the US.

In February this year, Capital Dynamics partnered with Switch, a technology infrastructure company for the construction of Gigawatt 1 solar project in the US state of Nevada. This project will be built in Northern and Southern Nevada and it is expected to produce among the lowest priced solar power in the world, while generating enough energy to power 1 million homes.

The Capital Dynamics Clean Energy Infrastructure has invested more than 1.5GW in solar projects last year and is claimed to be the second-largest solar portfolio manager in the US. Globally, it manages nearly $3.5bn in AUM and 3GW capacity in its current portfolio.