Clean energy investor CleanCapital acquires 37 megawatt Guam solar project; the acquisition includes the company's largest single asset to date and future development pipeline on the island.
NEW YORK, July 25, 2022 /PRNewswire-PRWeb/ -- Today, CleanCapital announced the acquisition of a 36.6 megawatt (MW) solar facility in Inalåhan, Guam. The transaction with seller GlidePath Power Solutions LLC ("GlidePath") includes the operating Dandan solar farm and rights to GlidePath's solar development pipeline on the island. In addition to expanding CleanCapital's portfolio to the U.S. territory of Guam, the transaction signifies the company's largest single asset acquired to date.
The 36.6 MW (dc) Dandan site, which commenced commercial operations in October 2015, supplies renewable energy to the Guam Power Authority (GPA). The project is the largest solar asset on Guam, generating 6% of the island's electricity generation capacity. The site provides a reliable source of fixed-price clean energy to the surrounding community, helping to offset the impact of volatile fossil fuel prices on the island. Future clean energy development on Guam is promising, incentivized by the island's updated renewable power standard (RPS). The RPS, passed in 2019, requires that 50% of the nation's power come from renewable sources by 2035, increasing to 100% by 2045.
"We are thrilled to be the new owner-operator of this significant project and to accelerate the exciting future of renewables on Guam," said Julia Bell, Chief Commercial Officer of CleanCapital. "This acquisition affirms CleanCapital's commitment to making bold investments in the energy transition, especially in regions like the Pacific Islands that are taking advantage of their natural resources to achieve independence from fossil fuels."
"I am proud of the work GlidePath did to improve the reliability and production of this critical solar asset and make it attractive to clean energy investors," said Chris McKissack, Chief Executive Officer of GlidePath. "With this transaction, we will transition the Dandan Solar Farm to CleanCapital's experienced team while accelerating GlidePath's ability to execute our pipeline of energy storage projects throughout the U.S.''
As one of the nation's leading commercial solar asset owners, CleanCapital is dedicated to accelerating the energy transition via strategic investments in middle-market solar and energy storage. To date, CleanCapital has invested more than $900 million in projects and companies that align with its mission. This acquisition is the latest in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021; in all, the company has successfully acquired projects totaling more than 360 MW spanning 24 states and one U.S. territory.
CleanCapital engaged K&L Gates and Guam-based counsel Arthur Clark as Buyer's counsel on this transaction. GlidePath was represented by Morgan Lewis, Bockius, LLP and Guam-based counsel Razzano Walsh, Torres P.C. as Seller's counsel on this transaction.
About CleanCapital
CleanCapital is an industry-leading clean energy investment platform. Since 2015, CleanCapital has worked to accelerate investment in distributed solar and storage assets to address the urgent threat of climate change. More information about CleanCapital can be found at https://cleancapital.com/
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Ellen Backus
For CleanCapital PR
612-616-2991
[email protected]
Media Contact
Ellen Backus, CleanCapital, 1 612-616-2991, [email protected]
SOURCE CleanCapital
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