1 minute read | March.09.2023
Orrick advised CleanCapital, a renewables investor focused on the middle-market solar and storage industries, on its acquisition of a portfolio of operating solar assets in New Jersey from investment manager GoldenSet Capital. The portfolio, comprised of four projects ranging in size from 1.6 MW to 23.4 MW, have a total capacity of 34.5 MW and commenced commercial operations in 2019. They will serve various commercial & industrial (C&I) offtakers, including Six Flags theme park, a manufacturing facility, the CentraState medical system and the Borough of Carlstadt. With this acquisition, CleanCapital has acquired more than 400 MW of clean energy projects throughout 26 states and U.S. territories and invested nearly US$1 billion in projects and companies.
The acquisition is exemplary of CleanCapital’s commitment to accelerating investment in the underinvested middle-market C&I solar industry, which currently encompasses 14% of all installed solar capacity in the United States, while providing further momentum to the energy transition. To date, CleanCapital has acquired and manages more than 200 operating and new construction distributed generation projects, making it one of the top ten commercial solar asset owners in the U.S. The Orrick team was led by Kristin Seeger and included Louise Gibbons, Scott Cockerham, Cory Lankford, Sue Cowell, Mason Harry, Olivia Youn, Helen Aki, Diana Tarrazo and Molly Jergenson.