Fox M&A Team Facilitates Major Solar Portfolio SaleJuly 24, 2019 – Press Releases
A Fox Rothschild LLP M&A team led by Peter J. Tucci represented KDC Solar LLC in its sale of a 75.2 megawatt solar portfolio to CleanCapital, a leading operator of commercial and industrial solar installations.
The solar portfolio, dubbed “Olympic,” was CleanCapital’s largest acquisition to date. It includes 15 operating solar assets, which entered commercial operation between 2011 and 2016, averaging 5 megawatts and ranging in size from 157 kilowatts to 10 megawatts.
KDC Solar LLC is a private, non-utility affiliated owner and operator of large-scale commercial and industrial power generation. Based in Bedminster, New Jersey, the company focuses on building solar facilities of at least 2 megawatts that reduce its customers’ ongoing energy costs, preserve and create long-term jobs and benefit the environment by reducing fossil fuel consumption.
“As one of the largest C&I solar developer/owner/operators in New Jersey we are pleased to close this transaction with CleanCapital, which is focused on owning C&I solar projects and has the ability and scale to own and operate these C&I projects for many years to come,” said Alan Epstein, President and CEO of KDC Solar LLC.
Based in New York City, CleanCapital is an industry-leading clean energy investment platform that operates 180 MW of renewable energy assets and holds $465 million worth of assets under management.
Terms of the deal were not announced.
Tucci was assisted by Fox attorneys Martin A. Culhane III, Michael Eidel, Carl Anthony Maio, David Restaino, Bradley S. Rodos and Alexander M. Wixted.