August 12, 2024

CleanCapital Acquires 13 MW Solar Farms in New York

CleanCapital, a prominent clean energy investment platform, has expanded its portfolio with the acquisition of two operational solar farms in upstate New York, totaling 13 MW. The deal encompasses the Steel Sun II and Homeridae projects, both of which are pioneering examples of brownfield redevelopment, transforming previously contaminated industrial sites into sources of clean power for local communities.

BQ Energy Integration Cements Development Capabilities

This acquisition marks a significant milestone, representing the full integration of BQ Energy Development (BQ), a national leader in building renewable energy projects on brownfields and landfills, which was acquired by CleanCapital in 2022. The two solar farms, operational since 2019, were originally developed by BQ and serve as prime examples of the company’s expertise. Financing for the acquisition was provided by M&T Bank’s Commercial Equipment Finance Group.

With the BQ team now fully embedded, CleanCapital’s in-house development arm—led by former BQ CEO Paul Curran—now comprises nearly a quarter of its workforce. This specialized team manages a robust project pipeline of almost 2 gigawatts (GW) of solar and over 8 gigawatt-hours (GWh) of energy storage.

“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,” stated Paul Curran, now Chief Development Officer at CleanCapital. “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.”

Transforming Industrial Legacy into a Sustainable Future

The Steel Sun II project is a key component of the revitalization of the former Bethlehem Steel site along Buffalo’s waterfront. The clean energy generated is supplied to notable local institutions, including the Kaleida Health system and Canisius University. Joseph Snodgrass, director of facilities management at the university, remarked, “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.”

In Olean, the Homeridae project sits on a former oil refinery and tank farm that was remediated through the Department of Environmental Conservation Region 9 brownfield cleanup program. The City of Olean acts as the energy off-taker, benefiting from significant cost savings over the project’s five years of operation. “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,” said William Aiello, Mayor of Olean.

Driving Growth in Middle-Market Renewables

This latest transaction elevates CleanCapital’s total portfolio to 242 operating and under-construction assets, which now amounts to 341 MW across 23 states and U.S. territories. The company continues to advance the energy transition through strategic investments in new construction, operational renewable energy projects, and development partners, serving a diverse customer base of over 116 corporations, municipalities, and healthcare and educational institutions nationwide.