Excelsior Energy Capital, an independent North American renewable energy investor, recently announced that its North American Renewable Energy Fund had acquired from Syncarpha Capital 100 percent of the sponsor equity interests in a 16.2 MW operating solar portfolio.
The ground-mount solar projects are located in Massachusetts and Vermont and have offtake agreements with credit-worthy counterparties under a weighted average remaining contract term of 20.5 years. Firstar Development LLC, a subsidiary of U.S. Bancorp, is participating as the tax equity and Nomura Corporate Funding America is providing back leverage to the portfolio.
Chris Moakley, Managing Partner of Excelsior, commented: “Excelsior is pleased to announce the acquisition of this Syncarpha operating solar portfolio as it squarely aligns with the core strategy of the Fund to acquire high-quality operating solar projects from experienced developers and operators, with the intent of further improving long-term operational and financial performance for the Fund’s limited partners.”
“Syncarpha is excited to be partnering with Excelsior as the long-term asset manager on this operating solar portfolio. We appreciate the deep expertise that the Excelsior team brings to bear and plan to expand our cooperation in the coming months,” explained Syncarpha CEO and Co-Founder, Cliff Chapman.
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