August 26, 2024 09:00 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–CleanCapital, a fully integrated, diversified clean energy company, announced today a newly established solar development partnership with Arena Renewables, a community and distributed solar and storage developer founded by industry veterans in 2023. This partnership marks a significant milestone for both companies as they join forces to advance solar energy development in the U.S. Together, CleanCapital and Arena Renewables will expand the clean energy ecosystem by bringing grid-critical assets to Illinois, Maryland, and other markets.
Under the terms of the agreement, CleanCapital and Arena Renewables will work together to finance and develop a substantial portfolio of distributed solar projects focusing on community solar and corporate offtake. Arena Renewables will develop the projects, drawing on their expertise in delivering distributed solar and storage development projects to communities, creating access to clean energy, and providing cost savings to utility customers. CleanCapital will provide a mix of debt and equity instruments to support Arena Renewables’ growth and operations, utilize its sophisticated diligence process to accelerate development, and own and operate projects long-term.
“We are excited to enter into this partnership with Arena Renewables because, at the core, they are dedicated to bringing more clean energy megawatts onto the grid to serve communities in need,” stated Julia Bell, Chief Investment Officer at CleanCapital. “The Arena team brings over three decades of experience in renewables, utilities, and real estate along with their credibility and execution of solar and storage projects.”
“We are thrilled to work with CleanCapital on this agreement,” said Matthew Kozey, co-founder and Chief Executive Officer of Arena Renewables. “We found a partner that understands early-stage development and brings significant market expertise to the table. This partnership will accelerate growth in our portfolio and help Arena Renewables power the next generation of community energy.”
This strategic development partnership represents a significant step forward for CleanCapital, as it continues to put capital to work delivering distributed renewable energy solutions to customers. As the demand for energy in the U.S. continues to increase, CleanCapital has expanded its development efforts—both through in-house development and development partnerships like this one—to meet that demand as quickly as possible. After recently announcing its expanded development team, CleanCapital’s pipeline now totals nearly two gigawatts (GW) of solar and more than eight gigawatt-hours (GWh) of energy storage. Its current portfolio of operating and under-construction assets has reached over 240 projects totaling over 340 MW.
CleanCapital engaged Orrick, Herrington & Sutcliffe as counsel on this transaction.
About CleanCapital
CleanCapital is a diversified clean energy company focused on the middle-market solar and storage industry. Mission-driven to mitigate the climate crisis, CleanCapital leads the energy transition with strategic investments in early-stage, new construction, and operating renewables projects and development partners. To date, the company has invested over $1 billion in projects and companies, including the acquisition of BQ Energy, a national leader in landfill and brownfield renewable energy development. More information about CleanCapital can be found at https://cleancapital.com/.
About Arena Renewables
Arena Renewables is a community and distributed solar and storage developer. We deliver lower power bills and clean energy to customers and communities across the United States. Our agile, policy-led approach to developing valuable projects draws on the leadership team’s deep industry expertise. To date, Arena Renewables has built a pipeline of more than 500 MW in select markets across the United States. More information about Arena Renewables can be found at: www.arenarenewables.com.
Contacts
Cara DiFabio
Inkhouse
[email protected]
301-639-0738