Capital Dynamics grows Nevada portfolio with solar-plus-storage foray

Global asset management firm Capital Dynamics has purchased an 180MWac / 231MWdc solar project that includes a 90MWac / 360MWh energy storage facility in Boulder City, Nevada for an undisclosed sum.

Two municipalities and a cooperative have secured power purchase agreements (PPAs) for the Townsite solar project, which was previously owned by Skylar Townsite LLC. It is expected to be built by the end of 2021 and it will generate up to 400 jobs in construction. Once built, it will employ 10 full-time employees, according to Capital Dynamics.

"We believe this is the first hybrid utility-scale solar and energy storage project serving fixed-volume power purchase agreements,” Benoit Allehaut, Capital Dynamics’ managing director said in a news release on Thursday. “Our view is that this type of service represents the future of the renewable energy sector and we are glad to innovate and help the market mature to more customer-focused products and services."

The project will be integrated into one of the biggest solar project portfolios in the world, Gigawatt 1, launched by Capital Dynamics and Las Vegas technology infrastructure company Switch in February 2018.

Gigawatt 1 aims to generate clean energy to one million homes in Nevada at the most competitive rates in the state. It was first proposed by Switch founder Rob Roy.

"This major acquisition moves forward the overall vision of Rob Roy's Gigawatt Nevada," said Switch’s vice-president of strategy Adam Kramer. "Gigawatt 1 creates new clean energy jobs, the generation of new tax revenue for Nevada, important economic diversification, and strengthens our energy independence." Switch will be one of the giant PV plant's major customers.

Tenaska Power Services will assist with the sale and the purchase of surplus and deficit merchant power, battery scheduling, and energy management.

The Townsite project was initially acquired by Skylar in October 2015, when it took over a 100% interest from Nevada-based firm KOWEPO Americas.