UK-based investor SDCL’s Energy Efficiency Income Trust (SEEIT) is to acquire hundreds of solar PV and solar-plus storage projects in the US from developer Onyx Renewable Partners and set up a joint venture in a deal worth US$150 million. SEEIT will acquire four portfolios totalling 175MW of capacity in 18 US states from Oxyx and investor Blackstone, and will set up a joint venture with the developer, taking a 50% interest in its project pipeline, which is expected to surpass 500MW by 2025.

The projects comprise more than 200 on-site solar-plus storage projects including rooftop installations, carport and private wire ground-mounted solar PV projects, with individual capacity ranging from 5MW to more than 15MW. Just over a quarter (27%) of the installed capacity is either operational or near-operational, with all projects expected to come online in the next 18 months. Projects that are already online are contracted under Power Purchase Agreements (PPAs) with municipalities, universities, schools, hospitals, military housing providers, utilities and corporates. The acquisition is set to complete over the next few weeks, according to a statement from SDCL.

Jonathan Maxwell, chief executive of SDCL, said the deal will diversity the UK-based group’s portfolio and create a “meaningful impact to reduce the carbon footprint of commercial and industrial clients across the US”.

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