PureGen Power has purchased a 1.16MW solar power plant in Visalia, California, the first of its planned acquisitions for its inaugural investment fund, PureGen Solar One.
Commissioned in 2009, the Visalia power plant consists of 5,500 solar PV modules ground mounted on a single-axis tracking system with energy provided to the commercial site host.
The transaction took seven weeks to complete from term sheet to final documents, demonstrating PureGen Power’s commitment to a highly efficient due diligence and transaction process.
By capitalizing on its technical and financial expertise, the company also aims to close all future acquisitions in 60 days or less, even when executing complex transactions.
PureGen Power CEO David Brochu said: “A year ago, we embarked on a plan to build a portfolio of operating solar power plants to advance our vision of a clean energy future. This acquisition takes an important step toward realizing that goal.
“Our unique model allows us to deliver real value to owners who want to monetize operating plants and reinvest that value into new opportunities.”
Leveraging strategic vision, a deep knowledge of technology and decades of experience in the solar energy industry, PureGen Power is actively seeking to acquire operating solar power plants of all sizes, ages, and operating performance.
PureGen power president and chief legal officer Mitchell Randall said: “We focus on providing good value for assets in their current condition, using a low-burden, low-risk transaction process. This includes reasonable, streamlined terms that reduce internal resource needs and support closing quickly.
“Owners have responded very positively to our approach, and we’re excited to have a robust pipeline of future transactions.”
Source: Company Press Release