April 10 (Renewables Now) - CleanCapital said on Monday it has agreed a USD-250-million (EUR 203m) equity partnership with alternative investment fund manager CarVal Investors that will allow the acquisition of up to USD 1 billion of clean energy assets.
CleanCapital is a US financial technology firm that facilitates investment in clean energy. It has developed a platform that streamlines and accelerates the acquisition of clean energy projects. The company says its team has so far acquired almost USD 100 million of operating solar projects.
It was connected to CarVal by financial technology platform Finitive. Finitive founder and executive chairman Jon Barlow said the partnership and the capital provided by CarVal will allow CleanCapital to achieve its acquisition goals for the near and medium term.
Matt Eastwick of CleanCapital says in a blog that the aim of the deal is to provide the capital and other resources to support the company's growing pipeline of solar acquisitions. In addition to CarVal's equity commitment, CleanCapital expects to access up to USD 750 million of debt capital. Together with CarVal, an experienced player in the structured products market, it will be working towards the first "pure" small scale solar commercial and industrial (C&I) securitisation deal, according to the post.
"We’re excited to partner with CleanCapital as they continue to grow the clean energy economy and bring much-needed capital to the sector," said Jerry Keefe, principal at CarVal Investors.
(USD 1 = EUR 0.811)