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- CleanCapital Acquires 13MW Solar Portfolio in New York, Expands Brownfield Renewable Energy Initiatives
CleanCapital Acquires 13MW Solar Portfolio in New York, Expands Brownfield Renewable Energy Initiatives
Slice of Energy Team
August 16, 2024
Key Highlights:
CleanCapital acquires 13MW solar portfolio in upstate New York, comprising two brownfield projects.
Projects developed by BQ Energy and financed by M&T Bank's Commercial Equipment Finance Group.
Energy supplied to Canisius University, Kaleida Health, and the City of Olean.
Source (Business Wire)
Notable Quotes:
“Fully integrating the former BQ team into CleanCapital has produced a development team with the expertise, track record, and financial runway to develop, build, and operate hundreds of megawatts in the next few years.”
“No other organization has the breadth of capabilities or deep expertise that we can offer. Plus, with the tailwinds of Inflation Reduction Act and the rapid increase in corporate demand for clean energy, converting environmentally compromised land into a source of clean energy presents a unique opportunity as we transition the grid to clean energy.”
“The net metering credits generated by the Homeridae solar project have been a significant benefit to our city budget, allowing us to reallocate savings toward other essential services for our community.”
Our Take:
CleanCapital's acquisition of the Steel Sun II and Homeridae solar projects represents a strategic milestone, marking the full integration of BQ Energy's expertise into its operations. The move not only solidifies CleanCapital's leadership in brownfield renewable energy but also expands its influence in the clean energy sector, particularly in upstate New York. With a robust pipeline and substantial financial backing, CleanCapital is well-positioned to further accelerate the energy transition, converting environmentally compromised land into valuable clean energy assets. This acquisition reflects the growing trend of leveraging brownfield sites for sustainable energy production, a practice likely to gain momentum with supportive policies like the Inflation Reduction Act.