Capital Dynamics’ Clean Energy Infrastructure (CEI) business has completed the acquisition of the remaining 69.98% interest in the Arlington Valley Solar Energy II (AVSE II), a 175MWdc solar photovoltaic (PV) project from Apollo Funds.
Apollo Funds is managed by affiliates of Apollo Global Management (Apollo).
Financial details of the deal have not been disclosed by both the companies.
Capital Dynamics New York Clean Energy Infrastructure managing director Tim Short said: “This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II.
“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 3.1GWdc portfolio of operating US solar projects.”
Last month, CEI acquired a 30.02% interest in AVSE II as part of the acquisition of three solar PV projects from LS Power.
As part of the deal, CEI acquired the complete stake in Centinela Solar Energy, a 252MWdc solar facility in Imperial County, California; and the 11MWdc Dover Sun Park in Dover, Delaware.
With this acquisition, CEI becomes the sole owner of the AVSE II solar PV project.
Apollo senior partner and co-head of infrastructure and natural resources Geoffrey Strong said: “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.”
For this deal, King & Spalding and Amis, Patel & Brewer were the legal counsel for Capital Dynamics, while Citigroup Global Markets were the financial advisors to Apollo. Legal counsel for Apollo were Kirkland & Ellis and Allen & Overy.