Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy business has completed the acquisition of the remaining 69.98% interest in Arlington Valley Solar Energy II, a 175 megawatt solar photovoltaic project, from funds managed by affiliates of Apollo Global Management.
CEI acquired a 30.02% interest in AVSE II as part of the acquisition of three solar PV projects from LS Power in November 2020. Following the acquisition from the Apollo Funds, Capital Dynamics has assumed 100% interest in the AVSE II solar PV project.
“This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II,” said Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics in New York. “This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction. We welcome the full ownership of AVSE II into our 3.1 GWdc portfolio of operating US solar projects.”
“Having made significant operational and financial performance improvements, Arlington Valley Solar is well positioned for growth and success in its next phase backed by Capital Dynamics,” said Geoffrey Strong, Senior Partner and Co-head of Infrastructure and Natural Resources at Apollo. “At Apollo, we continue to find attractive opportunities in renewable energy assets, demonstrated by recent transactions across our infrastructure business, as a result of the growing, long-term demand for clean energy.”
King & Spalding, LLP and Amis, Patel & Brewer, LLP served as legal counsel for Capital Dynamics.
Citigroup Global Markets Inc. acted as financial advisor to Apollo, and Kirkland & Ellis LLP and Allen & Overy LLP served as legal counsel to Apollo.
Capital Dynamics is an independent global asset management firm focusing on private assets including private equity, private credit and clean energy infrastructure.
Source: PR Newswire
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