PV Tech: UK Investment Firm Strikes Deal for US C&I Solar and Storage ProjectsCommercial/ 24 December 2020
UK-based investment company SDCL Energy Efficiency Income Trust (SEEIT) has agreed to acquire a series of commercial and industrial (C&I) solar and energy storage projects in the US from funds managed by Blackstone. The US$150 million transaction sees SEEIT purchase four portfolios totalling over 175MW, as well as a 50% stake in the platform that has created them, Onyx Renewable Partners. Blackstone will retain a 50% interest in Onyx.
The four portfolios comprise more than 200 solar PV projects, located in 18 US states. Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporations. Around 27% of the purchased portfolio is operational or near operational, with the remainder expected to be completed over the next 12 to 18 months.