BlackRock and CleanCapital Buy U.S. Solar Portfolio From ATN
BlackRock and CleanCapital Buy U.S. Solar Portfolio From ATN
(Bloomberg) -- BlackRock Inc. and CleanCapital LLC bought a 46.9-megawatt portfolio of U.S. solar power from a unit of ATN International Inc.
The 60 projects are in California, Massachusetts and New Jersey, CleanCapital said in a statement Thursday. ATN’s Chief Financial Officer Justin Benincasa said in an email that the purchase price was $64.3 million. Including assumed debt of $55.5 million and some other adjustments, the transaction is worth $120.9 million.
The acquisition is part of a new partnership between BlackRock and CleanCapital, and is CleanCapital’s largest to date. Under the arrangement, BlackRock will provide capital for the jointly owned partnership, and CleanCapital will originate, underwrite and manage distributed-energy asset acquisitions, Thomas Byrne, CleanCapital’s chief executive officer, said in an email.
New York-based CleanCapital has now acquired almost $250 million of operating solar assets in the U.S.
To contact the reporter on this story: Brian Eckhouse in New York at beckhouse@bloomberg.net
To contact the editors responsible for this story: Joe Ryan at jryan173@bloomberg.net, Will Wade, Reg Gale
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