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CleanCapital Expands Solar Portfolio with KSI Acquisition

Author

Slice of Energy Team
December 19, 2024

Key Highlights:

  • CleanCapital acquires 40 solar assets (22.7 MW) from KSI, marking a significant portfolio expansion.

  • Manulife IM increases equity investment in CleanCapital with $145M, supporting clean energy initiatives.

  • CleanCapital’s portfolio now includes 240+ projects totaling over 340 MW, making it a leading commercial solar operator in the U.S.

  • Newly acquired solar assets serve diverse offtakers, including MUSH, C&I, and community solar subscribers.

  • Acquisition enhances CleanCapital’s investment in early-stage solar and storage projects.

Source: Direct

Notable Quotes:

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“A rapid ramp-up of solar and energy storage installations is critical to meeting the need for businesses, communities, and consumers. This latest acquisition and infusion of capital shows that our team has the backing and track record to lead in this sector.”

Thomas Byrne, Chief Executive Officer at CleanCapital
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“Since our initial commitment three years ago, we have seen continued innovation from CleanCapital evidenced by its disciplined and forward-thinking investments.”

Recep Kendircioglu, Global Head of Infrastructure at Manulife Investment Management
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“The addition of these attractive assets strengthens our portfolio and enhances our ability to deliver reliable returns to our investors.”

Julia Bell, Chief Investment Officer at CleanCapital

Our Take:

CleanCapital’s acquisition of Kendall Sustainable Infrastructure’s 40 solar assets signals a bold step forward in scaling distributed clean energy across the U.S. The company’s enhanced portfolio of over 340 MW underlines its position as a leader in the commercial solar market, with strategic partnerships and funding from Manulife IM enabling further investment in early-stage development projects. This deal also highlights the increasing investor confidence in renewable energy, driven by the strong demand for clean infrastructure and favorable renewable energy policies in states like Vermont, New York, and California.