CleanCapital, a US clean energy investment platform, has acquired two solar farms in New York with a total capacity of 13 MW. The portfolio includes the brownfield assets Steel Sun II and Homeridae, which supply clean energy to a local university, a healthcare provider, and a municipality in upstate New York.
CleanCapital Expands Portfolio with BQ Energy Projects
The projects were developed by BQ Energy Development (BQ), a national leader in renewable energy projects on brownfields and landfills, which CleanCapital acquired in 2022. M&T Bank’s Commercial Equipment Finance Group provided financing for both.
CleanCapital’s acquisition of BQ Energy bolsters its expertise and commitment to brownfield solar projects, expanding the company’s managed portfolio to nearly 2 GW of solar energy.
Marking the full integration of BQ Energy into CleanCapital, this acquisition underscores the company’s ongoing commitment to investing in both operating solar assets and early-stage development. Operational since 2019, these projects showcase BQ’s pioneering role and extensive expertise in brownfield solar development.
Now fully integrated into CleanCapital, the former BQ team brings over 20 years of project development experience. The company’s in-house development team, led by former BQ CEO Paul Curran, now makes up nearly a quarter of its workforce and manages a project pipeline of almost 2 gigawatts (GW) of solar and over 8 gigawatt-hours (GWh) of energy storage.
“The work we did at BQ Energy, including developing and operating these two exceptional projects, is a source of great pride for me. Fully integrating the former BQ team into CleanCapital has produced a development team with the expertise, track record, and financial runway to develop, build, and operate hundreds of megawatts in the next few years. Our focus now is to execute on the more than 100 projects in our pipeline and deliver more clean megawatts to our customers as expeditiously as we can,” said Paul Curran, Chief Development Officer at CleanCapital and former BQ CEO.
Steel Sun II Powers Buffalo’s Revitalization
Located on the former Bethlehem Steel site along Buffalo’s waterfront, Steel Sun II contributes to a broader revitalization effort that includes multiple solar and wind projects. The energy it produces is contracted to local institutions, including Kaleida Health and Canisius University, which uses the project to help achieve its sustainability goals.
“Canisius University has been harnessing clean energy from this solar project for several years now, and the benefits are twofold. By investing in the production of natural energy, the institution can reduce electricity costs while advancing its commitment to the Vatican-led initiative, Laudato Si’, which guides Catholic institutions on ways to achieve an eco-sustainable environment,” said Joseph Snodgrass, director of facilities management.
Homeridae Project Delivers Cost Savings and Environmental Benefits
The Homeridae project, one of two solar arrays in Olean, is located on a former oil refinery and tank farm. The City of Olean serves as the energy off-taker for these projects, which have delivered cost savings to taxpayers over their five years of operation. Both sites were part of the Department of Environmental Conservation Region 9 brownfield cleanup program.
“The net metering credits generated by the Homeridae solar project have been a significant benefit to our city budget, allowing us to reallocate savings toward other essential services for our community. We are excited to see the ongoing positive impact of this oil refinery-turned-solar project, which provides reliable and clean energy to the City of Olean,” stated William Aiello, Mayor of Olean.
CleanCapital: Driving the Energy Transition
CleanCapital is a clean energy company specializing in the middle-market solar and storage sectors. Committed to addressing the climate crisis, the company drives the energy transition through strategic investments in early-stage, new construction, and operational renewable projects, as well as in development partners.
This latest acquisition expands CleanCapital’s portfolio to 242 operating and under-construction assets, totaling 341 MW across 23 states and U.S. territories. The portfolio includes community solar, commercial & industrial (C&I) solar, and utility-scale solar projects serving over 116 corporations, municipalities, schools, hospitals, and other customers nationwide.