CleanCapital, CarVal Investors acquire 75.2 MW solar portfolio and close on US$30m debt facility with Credit Suisse
Clean energy investment platform CleanCapital in partnership with CarVal has acquired a 75.2 MW solar portfolio in New Jersey from KDC Solar LLC. CarVal is an investment arm of Cargill.
Concurrent to the deal, CleanCapital and funds managed by CarVal Investors have closed on a US$300 million debt warehouse facility with Credit Suisse.
The solar portfolio, dubbed “Olympic”, was acquired from KDC Solar LLC. KDC, a private, non-utility affiliated owner and operator of large-scale C&I solar power generation, is majority owned by Diamond Castle Holdings, LLC. Fox Rothschild represented KDC in this deal.
The 15 operating solar assets, which entered commercial operation between 2011 and 2016, average 5 MW and range in size from 157 kW to 10 MW. Off takers for these projects include Fortune 100 companies as well as local governments and institutions.
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