CANTIL — A Missouri-based energy company announced that it sold its two solar farms in Cantil on Dec. 28. The clean energy projects will be co-owned by two separate companies.
Capital Dynamics announced the sale in a Dec. 28 news release. Controlling interest of the 60-megawatt Beacon II and 48-Beacon V photovoltaic grids were sold to Kansas-based TortoiseEcofin and S&B USA Energy, part of the Israeli-based construction and real estate firm Shikun & Binui Ltd.
Each company purchased a 49.5% ownership stake in the projects, while Capital Dynamics holds onto a 1% share.
The combined solar grids provide power to the Los Angeles Department of Water and Power and its customers under 25-year agreements.
“We are pleased to be investing in this proven utility scale solar operating portfolio that generates 100% of its revenue under contract with an investment grade rated utility,” said Jerry Polacek, Head of Ecofin’s Private Sustainable Infrastructure Team. “This acquisition closely aligns with our investors’ desire for sustainable dividends and attractive returns.”
Sharon Novak, CEO of Shikun & Binui America, stated that the Beacon portfolio represents her company's first solar assets in the U.S.
“This builds upon our international experience in energy development of approximately [two gigawatts] of assets already connected to the grid as well as other assets under development.”
The projects were previously owned by SunEdison and acquired by Capital Dynamics in 2016. The projects began commercial operation in the last part of 2017, according to the news release.
“After bringing the Beacon portfolio through final development and operations, it is well positioned to provide stable cash yields to TortoiseEcofin and Shikun & Binui America,” said Kathryn Carpenter, Principal of Clean Energy
Infrastructure at Capital Dynamics. “We look forward to having our fully integrated asset management affiliate continue to oversee the portfolio, as we deliver a strategic monetization on behalf of a long-term investor.”
Arevon Asset Management will continue to run the solar installations.