Blackstone sells $150M solar energy portfolio
- Blackstone Group is offering a $150 million portfolio of solar power facilities to UK energy investment firm, SDCL Energy Efficiency Income Trust plc, or SEEIT.
The bargain includes a 50 per risk in Onyx Renewable Partners, the growth platform created by Blackstone in 2016 to identify and also to create North American renewable resource power projects.
SEEIT will certainly take a 100 percent passion in four industrial as well as commercial) portfolios with an integrated capability surpassing 175 MW. The agreed deal will certainly give SEEIT with accessibility to Onyx's follow-on pipe, which is seen growing to more than 500 MW over the next 5 years.
The four portfolios concerned include more than 200 rooftop, carport and private-wire, ground-mounted solar photovoltaic (PV) projects in 18 states. Concerning 27 percent of them are already operational or near initiating operation. The staying possessions will be completed over the following year and a half.
SEEIT noted it will certainly also have a right of first refusal to acquire any kind of future Onyx projects at a pre-agreed rate of return. Blackstone will continue to be a 50 percent companion in Onyx.
The investment supplies SEEIT with a substantial preliminary portfolio as well as a scalable pipeline of chances in a major development market. It likewise has solid diversity benefits with investments being made in portfolios of projects, consisting of smaller sized projects under 5 MW as well as bigger projects of 5 to 15+ MW.
The Onyx projects increase the supply of renewable resource created on-site and aid to decrease greenhouse gas exhausts emerging from the supply, distribution as well as intake of energy. They supply less expensive, cleaner and much more dependable power remedies straight throughout user.
Talking about the acquisition, Jonathan Maxwell, CEO of Sustainable Development Capital LLP, claimed: "We are delighted to further branch out the SEEIT portfolio through the purchase of these on-site solar and storage projects and to companion with Blackstone in one of the largest sustainable power initiatives of its kind in the United States.
" The projects will make a meaningful effect to reduce the carbon impact of commercial as well as industrial clients across the United States by giving cheaper, cleaner and a lot more trusted power directly at the point of usage and also is strongly straightened with SEEIT's financial investment policy and goals, as well as the global environment policy program.".
