UK capitalist agrees 175MW US PV purchase

• SDCL Energy Efficiency Income Trust buying projects from Blackstone and to take a 50% risk in Onyx Renewable Partners

UK financier SDCL Energy Efficiency Income Trust (SEEIT) is to obtain a portfolio of solar and energy storage space projects in the US with consolidated ability over 175MW from Blackstone Group and also take a 50% risk in Onyx Renewable Partners follow-on pipe totalling more than 500MW.

Blackstone will stay a 50% companion in Onyx, which created the solar portfolios.

The total cost of the factor to consider is $150m and also initially covers over 200 functional, building and construction as well as development phase rooftop, carport and 'exclusive wire' ground installed solar PV projects in 18 US states.

Customers include communities, colleges, schools, health centers, military housing suppliers, energies as well as corporates.

The functional projects are gotten under long-term power acquisition arrangements with mainly investment grade C&I counterparties.

About 27% of the 175MW portfolio is operational or near operational, with the rest expected ahead online over the following 12 to 18 months.

Onyx has a project advancement as well as possession monitoring group based in New York.

It will certainly establish and also handle additional C&I on-site solar and also power storage projects in the US, which SEEIT will certainly have a right of first refusal to buy at a pre-agreed price of return.

The procurement will be funded from existing money gets and financial obligation centers.

Completion of the procurement is expected in the coming weeks, after fulfillment of specific customary conditions and consents.

SEEIT's financial investment supervisor is Sustainable Development Capital (SDC).

SDC chief executive Jonathan Maxwell stated: "We are delighted to additionally branch out the SEEIT portfolio via the acquisition of these on-site solar as well as storage space projects and also to companion with Blackstone in one of the largest sustainable power efforts of its kind in the US.

" The projects will certainly make a significant effect to reduce the carbon impact of commercial and industrial clients throughout the US by providing cheaper, cleaner and a lot more reputable energy directly at the point of use and is strongly aligned with SEEIT's financial investment policy as well as goals, along with the global environment plan program."