BlackRock backs solar and storage investor CleanCapital

Solar array. Author: Som Energia Cooperativa. License: Attribution 2.0 Generic.

April 3 (Renewables Now) - Funds managed by BlackRock’s (NYSE:BLK) Renewable Power Group have made an investment of an undisclosed amount in clean energy investment platform CleanCapital, which seeks to focus on distributed solar and energy storage.

CleanCapital was launched in 2015 and currently owns and manages USD 300 million (EUR 267m) of operating distributed solar systems in the US, exceeding 100 MW in combined capacity. More specifically, it owns and operates 108 solar parks in 11 states.

The firm is now looking to expand into new markets and has a specific interest in energy storage facilities.

“The investment from BlackRock’s Renewable Power Group will accelerate CleanCapital’s investment in clean energy, allowing us to enter new asset classes, like energy storage, and expand into new markets,” said Thomas Byrne, CEO and co-founder of CleanCapital.

Byrne confirmed in a blog post that BlackRock has acquired a stake in the company, but did not mention its size.

(USD 1.0 = EUR 0.890)

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