CleanCapital announced it has acquired a 36.6 MW operational solar project from developer GlidePath Power in Inalåhan, Guam. It is the company’s largest asset acquisition to date and is also the largest solar facility on the island, providing about 6% of the grid’s electricity demand.
The 120,000 solar panel project, called Dandan, has been in operation since October 2015 and serves its generation to Guam Power Authority. The project, large enough to power roughly 10,000 homes, avoids the emission of nearly 40,000 tons of carbon annually into the atmosphere. The project is estimated to offset the consumption of almost two million barrels of residual fuel oil and diesel throughout its lifecycle. It created about 300 local jobs during construction.
Fossil fuel prices are volatile in Guam, and the solar facility helps provide stable-priced clean energy. Guam passed a renewable portfolio standard in 2019, requiring the nation to achieve 50% renewable energy supply by 2035 and 100% by 2045.
“This acquisition affirms CleanCapital’s commitment to making bold investments in the energy transition, especially in regions like the Pacific Islands that are taking advantage of their natural resources to achieve independence from fossil fuels,” said Julia Bell, chief commercial officer at CleanCapital.
As part of the acquisition, CleanCapital will also attain the rights to GlidePath’s development pipeline on the island. “We are thrilled to be the new owner-operator of this significant project and to accelerate the exciting future of renewables on Guam,” said Bell.
K&L Gates and Arthur Clark served as buyer’s counsel on the transaction, and GlidePath was represented by Morgan Lewis, Bockius, LLP, Razzano Walsh, Torres P.C. as seller’s counsel.
CleanCapital is a commercial asset owner focused on accelerating the energy transition through strategic investments in middle-market solar and energy storage. It has invested more than $900 million to date in projects and companies that align with that mission. In April, the company announced a $300 million commitment from Manulife. The investor has acquired projects totaling more than 360 MW spanning 24 states and one US territory.
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