Adapture Renewables Sells 68 MW Operating DG Solar Portfolio Across Seven US States to REC Power

Adapture Renewables has completed the sale of a 15-project, 68 MW operating distributed generation solar portfolio across seven US states to REC Power, owned by ArcLight Capital Partners. The 100% equity sale expands REC Power's national operating portfolio beyond 410 MW across 25 states, while allowing Adapture to focus on larger utility-scale solar and storage projects.

Transaction date: · Source: adapturerenewables.com

Key facts

Transaction date
Technology
Solar PV
Capacity
68 MW
Transaction price
Not disclosed
Region
Montana, Tennessee, Minnesota, North Carolina, Nebraska, Utah, California
Location
15 sites across Montana, Tennessee, Minnesota, North Carolina, Nebraska, Utah and California
Continent
North America
Development status
Operational
PPA
Yes

Technology details

15 operating distributed generation solar PV projects with a combined capacity of 68 MW (DC), spread across seven US states. All projects are fully operational with established performance track records and highly rated PPA counterparties.

Power purchase agreement (PPA)

Projects are backed by long-term PPAs with highly rated counterparties. Further details not disclosed.

Additional information

100% sale of Adapture's ownership interests. Accredant Capital served as exclusive sell-side advisor to Adapture; Foley & Lardner LLP provided legal counsel to Adapture. Orrick, Herrington & Sutcliffe LLP acted as legal counsel to REC Power. The acquisition expands REC Power's national operating portfolio beyond 410 MW across 25 states. REC Power is owned by ArcLight Capital Partners. Adapture is owned by KIRKBI Climate, the private investment firm of the Kirk Kristiansen family (owners of the LEGO Group). The sale allows Adapture to focus capital on larger utility-scale solar and storage projects.

Source

Original announcement: https://adapturerenewables.com/about/news-insights/adapture-renewables-and-rec-power-announce-completion-of-transaction-for-68-mw-operating-dg-solar-portfolio

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