EDF Renewable Energy has sold 12.8MWp of its solar energy projects in New York’s Long Island to the Capital Dynamics US Solar Energy Fund.
The portfolio of seven solar photovoltaic (PV) projects, both in operation and advanced construction, was developed by EDF Renewable Energy, a subsidiary of EDF Energies Nouvelles.
Situated on Suffolk County-owned land, each of the seven projects benefits from a 20-year power purchase agreement with Long Island Power Authority, a municipal utility.
Capital Dynamics said this acquisition is its fifth investment and brings its portfolio to over 60MW of both operational and under-construction assets in the states of California, Massachusetts, New Jersey, New York and Pennsylvania.
Capital Dynamics managing director Karl Olson noted that the latest investment is a valued addition to the firm’s growing portfolio of solar energy projects in the five US states.
This portfolio of "first-rate" assets supported by a 20-year sales contract will deliver renewable energy to Long Island residents for many years to come, said Olson.
Capital Dynamics CEO Stefan Ammann said: "Direct investing in clean energy assets that feature extended PPAs with investment-grade utilities and corporations helps secure long-term cash flows for our investors."
EDF Renewable Energy business development manager Raphael DeClercq added: "The divestiture is another opportunity to optimise our diversified portfolio of renewable projects and is a further testament to EDF Renewable Energy’s versatility to foster innovation and create value for the community while meeting the renewable electricity needs of the utility."
Image: the portfolio of seven solar PV projects, supported by a 20-year sales contract, will deliver clean electricity to Long Island residents. Photo: courtesy of FreeDigitalPhoto.net