Orrick advised CleanCapital, an industry-leading clean energy investment platform, on acquiring a 65.3 MW portfolio of solar assets spanning 12 states from BR Group Holdings, LLC. The portfolio is comprised of 39 projects ranging from 0.2 MW to 6.5 MW in size across 91 total sites and includes 11.5 MW of Minnesota community solar projects and several projects providing solar energy to schools, including assets serving California’s Stockton Unified School District and the Hawaii Department of Education.
The acquisition is the sixth in a series of investments made since CleanCapital announced a $300 million commitment from Manulife in April 2021, cementing its place among the top 10 mid-market solar owners. CleanCapital has successfully acquired and manages 200 projects in 24 states valued at more than $800 million and totaling more than 300 MW – a rarity in the commercial solar market where few asset owners have total portfolios over 100 MW. The acquisition is indicative of a larger trend towards consolidation in the commercial solar industry as long-term asset owners build and expand their financing platforms. The acquisition aligns with CleanCapital’s objective to accelerate the energy transition via strategic investments in middle market solar and energy storage and position itself as a leader in this space.
The team was led by Kristin Seeger and included Scott Cockerham, Vicki Boyne, Cory Lankford, Steve Wagner, Sue Cowell, Molly Jergenson, Josh Emmett, Mason Harry, Peter Richmond and Helen Aki.