CleanCapital, a US clean energy investment platform has announced the acquisition of 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 provide 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 projects.
CleanCapital’s acquisition of BQ Energy boosts their expertise and commitment to brownfield solar projects, managing nearly 2 GW of solar energy.
The acquisition of these two projects marks the full integration of BQ Energy into CleanCapital. It underscores the company’s ongoing commitment to investing in operating solar projects and early-stage development. These solar projects which have been operational since 2019 showcase BQ's pioneering role and extensive expertise in brownfield solar development.
The former BQ team, now fully integrated into CleanCapital brings over 20 years of project development experience. CleanCapital’s in-house development team, now led by former BQ CEO Paul Curran represents nearly a quarter of the company’s 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
Steel Sun II is located on the former Bethlehem Steel site along Buffalo's waterfront contributing to a broader revitalization effort that features multiple solar and wind projects. The energy produced by Steel Sun II is contracted to local institutions including Kaleida Health and Canisius University with the latter using this project to 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 Saves Costs and Benefits Environment
The Homeridae project is one of two solar arrays in Olean, 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 the five years they've been in 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 that 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, CleanCapital drives the energy transition through strategic investments in early-stage, new construction and operational renewable projects as well as development partners.
This latest project 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.