By GREGORY ZELLER //
Alternative-generation startup CleanCapital has announced its second major solar acquisition in one month – another impressive forward step for the innovative New York City-based online marketplace for clean-energy investing.
CleanCapital’s second solar acquisition of the season comes from G&S Solar, a New York-based developer that builds, develops and operates solar systems in numerous Northeast states.
The additional portfolio of 10.2 megawatts comes less than a month after CleanCapital announced the acquisition of a 14.3 MW portfolio from X-Elio, a Spanish solar-power developer with U.S. operations in Nevada.
The new 10.2 MW portfolio includes two solar projects in Massachusetts – consisting of “high-quality customers, including a corporate entity and municipality, as the off-taker” – and raises the NYC fintech’s total portfolio to nearly $150 million in operational solar assets, according to CleanCapital.
The back-to-back deals also keep the momentum going after April’s announcement of a $250 million equity partnership between CleanCapital and Minneapolis-based global alternative investment fund manager CarVal Investors.
And they’re “only the beginning,” promises CleanCapital Chief Technology Officer Marc Garrett.
“Closing two complex deals on such a short timeline is an exciting next step for us and the clean-energy marketplace,” Garrett said this week. “We were founded on the principle that we can streamline the complexities of clean-energy transactions by leveraging technology, allowing for more capital to enter the sector and accelerating clean-energy deployment.”
The notion of making easier clean-energy investments has been a hit with investors since CleanCapital first launched in 2015. In November, the startup announced that it was closing its Series A funding round with 50 different investors anteing up roughly $3.7 million.
“Transactions such as this can get bogged down by the complex diligence process,” G&S Solar President John Faltings said in a statement. “But the CleanCapital team was efficient and very professional at managing the acquisition of these operating solar assets.”