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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.