Capital Dynamics offloads a quarter of a billion dollars of US solar assets
Capital Dynamics, a global private asset manager, announced that it has entered into an agreement to sell its U.S. Solar Energy Fund assets to TerraForm Power Inc. for approximately USD 250 million. Through the sale, which is expected to be completed by the fourth quarter of 2014, Capital Dynamics will deliver a monetization opportunity for its U.S. Solar Energy Fund investors. Capital Dynamics, with a multi-national team of investment professionals, will continue to invest in clean energy infrastructure opportunities throughout the world.
Capital Dynamics' U.S. Solar Energy Fund portfolio is comprised of 39 solar energy productions assets across 5 U.S. states generating more than 75 MW of power. Capital Dynamics led all aspects of the Fund's investment process, from deal origination, negotiations and structuring to overseeing late-stage project design activities and ultimate construction and operation of the projects. The U.S. Solar Energy Fund reached a final close in June 2012 and was named the largest renewables infrastructure fund raised globally that year.
"I am pleased that the sale of our U.S. Solar Fund assets achieves our goal of realizing risk-adjusted returns for our investors and we look forward to working with TerraForm Power on other opportunities in the future," said Stefan Ammann, CEO of Capital Dynamics. "We were an early mover in the U.S. solar market and we will work to build on this advantage by continuing to identify and grow opportunities in clean energy infrastructure on behalf of our investors."
