The acquisition of 69.98% comes after the purchase of 30.1% of the project acquired in November as part of an agreement for three solar projects of LS Power. The other two projects are 252MW Sentinel in Imperial County, California, and 11MW Dover Sun Park in Dover, Delaware.
Capital Dynamics’ Managing Director of Clean Energy Infrastructure, Tim Short, He said: “This transaction was a natural fit for us as it builds on our recent acquisition of a 30% stake in AVSE 2.
“This allows for a cleaner and simplified ownership position where we were well prepared to act quickly in cooperation with the Apollo team, for a mutually beneficial transaction. We welcome full ownership of AVSE 2 to our 3.1 GWdc portfolio of operating solar projects in the US »
Apollo’s Co-Director of Infrastructure and Natural Resources, Geoffrey Strongsaid: “Having made significant improvements in operational and financial performance, Arlington Valley Solar is well positioned for growth and success in its next phase under Capital Dynamics. At Apollo, we continue to find attractive opportunities in renewable energy assets, as evidenced by recent transactions in our infrastructure business, as a result of the growing long-term demand for clean energy. ”
Law firms King & Spalding and Friends, Patel & Brewer acted as legal advisors to Capital Dynamics. Citigroup Global Markets was the financial advisor and Kirkland & Ellis and Allen & Overy they were Apollo’s legal advisers.