Capital Dynamics, the independent global asset manager firm, has become the sole owner of a 175 megawatts solar asset in Arizona, as a result of an acquisition process that began in November 2020, the company announced this Tuesday.
Clean Energy Infrastructure (CEI) from Capital Dynamics acquired a 30% interest in the Arlington Valley Solar II project, back in November 2020. The acquisition was made from funds managed by affiliate firms from Apollo Global Management.
Now, as CEI has acquired the remaining 70% of the project, becomes the sole owner of it and consolidates its 438 MW of solar portfolio, which includes a 252 MW solar asset in Imperial County, California; the 175 MW of Arlington, and 11 MW from a solar park located in Dover, Delaware.
For Tim Short, Managing Director of CEI at Capital Dynamics in New York, “This transaction was a natural fit for us; it builds on our recent acquisition of a 30% interest in AVSE II. This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction. We welcome the full ownership of AVSE II into our 3.1 GW portfolio of operating US solar projects.”
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Capital Dynamics efforts on climate and emissions reduction
With this acquisition CEI becomes one of the largest renewable energy investment managers in the world. Ever since the push of renewable energy CEI established a strategy to capture investment opportunities, to expand clean energy solutions in North America and Europe.
According to the company’s statement: “Since the CEI platform’s inception in 2010, over 17 million metric tons of greenhouse gas emissions have been avoided as a result of the firm’s renewable investments. This is equivalent to the power needed to supply more than 3 million homes or passenger vehicles for one year.”
On the other hand, Apollo successfully manages a portfolio of assets of about $433 billion; through credit, private equity and real asset funds invested across industries. In this regard, for Geoffrey Strong, Senior Partner and Co-head of Infrastructure and Natural Resources at Apollo, the Arlington Valley Solar project is “well positioned for growth and success in its next phase backed by Capital Dynamics.”
“At Apollo, we continue to find attractive opportunities in renewable energy assets; demonstrated by recent transactions across our infrastructure business, as a result of the growing, long-term demand for clean energy,” he concluded.