Blackstone Group is selling a $150 million portfolio of
solar power facilities to UK energy investment firm, SDCL Energy Efficiency
Income Trust plc, or SEEIT.
The deal includes a 50 per stake in Onyx Renewable Partners,
the development platform formed by Blackstone in 2016 to identify and to
develop North American renewable energy power projects.
SEEIT will take a 100 percent interest in four commercial
and industrial ) portfolios with a combined capacity surpassing 175 MW. The
agreed transaction will provide SEEIT with access to Onyx’s follow-on pipeline,
which is seen growing to more than 500 MW over the next five years.
The four portfolios in question include more than 200
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24 December 2020 | 07:23am
StockMarketWire.com - Energy efficiency investor SDCL Energy Efficiency Income Trust said it had agreed to acquire US solar assets from funds managed by Blackstone for around $150 million.
The deal would see SDCL buy a series of portfolios of commercial and industrial on-site solar and energy storage projects, together with a 50% interest in the platform that has created them, Onyx Renewable Partners.
Blackstone would remain a 50% partner in Onyx.
SDCL would fully acquire four portfolios totalling over 175 megawatts and a 50% interest in Onyx s follow-on pipeline, projected to exceed 500MW over the next five years.
The four portfolios comprised over 200 operational, construction and development stage rooftop, carport and private wire ground mounted solar PV projects, located in 18 US states.
UK investor SDCL Energy Efficiency Income Trust (SEEIT) is to acquire a portfolio of solar and energy storage projects in the US with combined capacity over 175MW from Blackstone Group and take a 50% stake in Onyx Renewable Partners follow-on pipeline totalling more than 500MW.
Blackstone will remain a 50% partner in Onyx, which created the solar portfolios.
The total price of the consideration is $150m and initially covers over 200 operational, construction and development stage rooftop, carport and ‘private wire’ ground mounted solar PV projects in 18 US states.
Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporates.
The operational projects are contracted under long-term power purchase agreements with predominantly investment grade C&I counterparties.