Capital Dynamics, an independent global private wealth management firm, has completed the sale of a controlling interest in its Beacon portfolio to TortoiseEcofin and S&B USA Energy. Each buyer has acquired a 49.5% stake in the portfolio. Capital Dynamics retains a minority stake of 1%.
The 107.8 MW DC Beacon portfolio consists of two projects: Beacon II (59.6 MW DC) and Beacon V (48.2 MW DC). Both locations connect and sell power to the Los Angeles Department of Water and Power (LADWP) under two 25-year fixed-price power purchase agreements. The assets were wholly acquired by SunEdison in the first quarter of 2016 and operated commercially in the fourth quarter of 2017.
"We are excited to invest in this proven utility-scale solar portfolio that generates 100% of its sales on behalf of an investment grade utility," said Jerry Polacek, head of the private sustainable infrastructure team at Ecofin. "This acquisition is exactly what our investors want for sustainable dividends and attractive returns."
Arevon Asset Management will continue to monitor the operation of the portfolio on a daily basis.
Photo: Landing page from S&B USA Energy