The renewables arm of Blackrock, the world’s biggest investment manager, is to inject cash into solar owner and operator CleanCapital.
CleanCapital owns and manages $300m of distributed operating solar assets in the US. With a combined capacity of more than 100 MW, they comprise 108 sites in 11 states, ranging in size from 25 kW to 12.6 MW.
CleanCapital chief executive and co-founder Thomas Byrne said the investment from BlackRock’s Renewable Power Group would accelerate CleanCapital’s investment strategy, “allowing us to enter new asset classes, like energy storage, and expand into new markets”.
“With this investment, we will continue to build out our portfolio and do what we do best: use our proprietary underwriting tools and software to quickly evaluate assets and efficiently close acquisitions.”
He added: “For CleanCapital, this marks a kind of end to the beginning of our company story. Marc Garrett, Jon Powers, and I launched CleanCapital with a clear vision: to attract institutional capital to clean energy investment. Not only have we achieved that founding goal, we’ve done it by earning the trust of the world’s largest asset manager.”
Martin Torres, head of Americas for the Renewable Power Group at BlackRock, said that as the clean energy space evolves, “the distributed generation sector is expanding and plays an increasingly important role in the US energy transition”.
“This partnership allows us to access CleanCapital’s platform capabilities as we seek to invest in the assets meeting the demand for clean energy while delivering value to our clients.”