BQ Energy builds community solar, utility-scale solar, and commercial and industrial solar assets on landfills and retired industrial sites
BQ Energy has a 1GW portfolio of solar projects that are under development. (Credit: CleanCapital Holdings LLC)
CleanCapital, a clean energy investment platform, has acquired US-based BQ Energy (BQE), which is engaged in developing renewable energy projects on landfill and brownfield sites.
The financial terms of the deal were not disclosed.
BQ Energy has a pipeline of late-stage development solar projects with a combined capacity of more than 300MW and mid-stage development solar projects with a capacity of over 700MW.
Established in 2002, the company builds community solar, utility-scale solar, and commercial and industrial (C&I) solar assets. It develops the assets on landfills and retired industrial sites such as steel mills, refineries, mines, and coal plants after converting land that is environmentally compromised into a source of clean, renewable energy.
BQ Energy CEO Paul Curran said: “Working under the CleanCapital umbrella provides tremendous synergies for our teams.
“With CleanCapital’s financial backing, our development team can focus on what they are great at—rather than raising capital piecemeal, we can get more brownfield solar projects developed and built.”
CleanCapital said that it will finance the development of projects in the substantial long-term pipeline of BQ Energy.
The investment platform plans to deploy capital to projects that advance the energy transition as well as those which put underutilised and polluted land to new use.
The acquisition is said to strengthen CleanCapital’s position in the clean energy market. Since early last year, the company’s focus is said to have changed from buying operating solar assets to a more expansive approach, which includes developing and constructing solar and storage facilities.
CleanCapital CEO Thomas Byrne said: “CleanCapital prides itself in leading the investment community into new clean energy segments.
“BQE finds land left in environmental disrepair and gives it new life with on-site clean energy projects, doubling the climate-related impact of these assets.”
Earlier this year, CleanCapital acquired a 65.3MW portfolio of solar assets spread over 12 US states from BR Group.