Capital Dynamics Acquires 12.8MW Solar PV Portfolio in Long Island (NY)

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Client Capital Dynamics US Solar Energy Fund ("Capital Dynamics"), a Switzerland-based global asset manager, recently announced the acquisition of a 12.8MW portfolio of solar energy projects in Long Island, New York from EDF Renewable Energy. The seven solar photovoltaic project sites make up one of the largest solar PV portfolios currently installed in New York state. A 20-year Power Purchase Agreement with municipal utility Long Island Power Authority is in place for the projects. Stoel Rives served as lead legal counsel to Capital Dynamics in the deal.

"This latest investment provides our investors with a high-quality addition to a growing portfolio of solar energy projects now spanning five US states," said Karl Olsoni, Managing Director at Capital Dynamics in a company press release (PDF) announcing the deal. "It is a well engineered and constructed portfolio of first-rate assets supported by a 20-year sales contract with a leading New York energy utility. These assets will deliver clean and renewable energy to Long Island residents for many years to come."

Stoel Rives assisted Capital Dynamics in the negotiation and structuring of the deal, including negotiating definitive acquisition documents, entity formation and due diligence regarding regulatory, tax, real property, power purchase and interconnection agreements, construction agreements, operation & maintenance agreements and permitting issues. Greg Jenner and David Benson led the Stoel Rives client team, with substantial assistance from Alexandra Mertens, Mark Feichtinger, Kevin Erickson and David Hattery.

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Alex Mertens
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