Capital Dynamics, an independent global private asset management firm, completed the sale of a majority interest in its Beacon portfolio to TortoiseEcofin and S&B USA Energy. Each buyer has acquired a 49.5% ownership of the portfolio. Capital Dynamics retains a minority stake of 1%.
The 107.8-megawatt (MWdc) Beacon portfolio consists of two projects: Beacon II (59.6 MWdc) and Beacon V (48.2 MWdc). Both sites interconnect and sell power to the Los Angeles Department of Water and Power (“LADWP”) under two 25-year fixed rate Power Purchase Agreements. The assets were wholly acquired from SunEdison during Q1 2016 and achieved commercial operations in Q4 2017.
“We are pleased to be investing in this proven utility-scale solar operating portfolio that generates 100% of its revenue under contract with an investment grade rated utility,” said Jerry Polacek, Head of Ecofin’s Private Sustainable Infrastructure Team. “This acquisition closely aligns with our investors’ desire for sustainable dividends and attractive returns.”
“As a leading business group, Shikun & Binui’s corporate vision is to create advanced and sustainable living environments in Israel and around the world for the present and for generations to come. Shikun & Binui America initiated its U.S. Energy activity in March of 2020 and is excited to have its first solar assets here,” stated Sharon Novak, CEO of Shikun & Binui America. “This builds upon our international experience in energy development of approximately 2 GW of assets already connected to the grid as well as other assets under development.”
“After bringing the Beacon portfolio through final development and operations, these assets are well-positioned to provide stable cash yields to TortoiseEcofin and Shikun & Binui America,” said Kathryn Carpenter, Principal of Clean Energy Infrastructure at Capital Dynamics. “We look forward to having our fully integrated asset management affiliate continue to oversee the portfolio, as we deliver a strategic monetization on behalf of a long-term investor.”
Arevon Asset Management will continue to oversee operations of the portfolio on a day-to-day basis.