By Capital Dynamics’s Clean Energy Infrastructure (CEI) business has completed the acquisition of
the remaining 69.98% interest in Arlington Valley Solar Energy II (AVSE II), a 175 MWdc solar photovoltaic project, from funds managed by affiliates of Apollo Global Management.
CEI acquired a 30.02% interest in AVSE II as part of the acquisition of three solar PV projects from LS
Power in November 2020.
Following the acquisition from the Apollo Funds, Capital Dynamics has assumed 100% interest in the AVSE II solar PV project.
The 438 MWdc operating solar PV portfolio includes:
- Centinela Solar Energy, 252 MWdc located in Imperial County, California,
- Arlington Valley Solar Energy II, 175 MWdc located in Maricopa County, Arizona,
- Dover Sun Park, 11 MWdc located in Dover, Delaware.
“This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE Il. 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 GWdc portfolio of operating US solar projects.”
Tim Short, managing director, Clean Energy Infrastructure at Capital Dynamics in New York.
“Having made significant operational and financial performance improvements, Arlington Valley Solar 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.”
Geoffrey Strong, senior partner and co-head of Infrastructure and Natural Resources at Apollo.
King & Spalding and Amis, Patel & Brewer served as legal counsel for Capital Dynamics. Citigroup Global Markets acted as financial advisor to Apollo, and Kirkland & Ellis and Allen & Overy served as legal counsel to Apollo.
Comments