US-based clean energy investment platform CleanCapital has acquired renewable energy project developer BQ Energy (BQE) for an undisclosed sum.
Based in New York, BQE has a 1GW project pipeline, including 300MW of late-stage development solar capacity and 700MW worth of mid-stage development solar projects.
The company develops a wide range of projects, including community solar, commercial and industrial assets, as well as utility-scale solar assets on landfills and retired industrial sites.
BQ Energy CEO Paul Curran said: “Over the last 15 years of operations, BQE has successfully developed projects sited exclusively on landfills and brownfields, becoming a leader in this sector.
“That track record, along with the popularity of this brownfield redevelopment concept among diverse stakeholders, means we are uniquely positioned to take advantage of the considerable opportunities in this space.
“Working under the CleanCapital umbrella provides tremendous synergies for our teams.
“With CleanCapital’s financial backing, our development team can focus on what they are great at—rather than raising capital piecemeal, we can get more brownfield solar projects developed and built.”
As part of the deal, CleanCapital has acquired 100% of ownership interests in BQE.
Going forward, the company plans to fund BQE’s solar project pipeline to advance the energy transition, as well as develop projects on underutilised and polluted land.
CleanCapital CEO Thomas Byrne said: “CleanCapital prides itself in leading the investment community into new clean energy segments.
”BQE finds land left in environmental disrepair and gives it new life with on-site clean energy projects, doubling the climate-related impact of these assets.
“We are excited to welcome their exceptional team into the CleanCapital family.”
The acquisition follows CleanCapital’s purchase of a 65.3MW solar portfolio from BR Group Holdings in February this year.
CleanCapital has so far acquired and managed 200 projects in 24 US states, with more than 300MW of combined capacity.