Development Services Agreement Includes 2,000 Megawatts in Midcontinent Independent System Operator (MISO) Market
Capital Dynamics, an independent global private asset management firm, today announced that its Clean Energy Infrastructure (CEI) business has signed an agreement with respected energy developer Tenaska to develop a portfolio of greenfield solar projects in the Midwestern United States. The deal closed on November 26, 2018.
The transaction includes 14 solar projects with approximately 2,000 megawatts (MW) in the Midcontinent Independent System Operator (MISO) market. The portfolio represents a large share of all solar projects currently in the MISO North interconnection queue, with projects in Michigan, Missouri, Illinois, Wisconsin, Indiana and Minnesota.
“This agreement was a unique opportunity for us to acquire a meaningful pipeline of solar capacity in an efficient project development structure within a market poised for growth,” said Benoit Allehaut, director of Capital Dynamics’ Clean Energy Infrastructure team. “Tenaska has historically been one of the most successful developers of electric generation and a close partner of Capital Dynamics on several existing projects. We are excited to be expanding our partnership and offer clean energy power through long-term supply contracts to customers in the Midwest.”
The agreement with Tenaska further diversifies Capital Dynamics’ growing solar portfolio. Clean Energy Infrastructure team is the second-largest owner of solar projects in the United States and manages approximately USD 4.9 billion in assets and 3.1 gigawatts capacity (GW) in its current portfolio.
“Tenaska has a proven record of success in solar development, and we are excited to pair our development skills with Capital Dynamics’ capital origination and structuring capability,” said Steve Johnson, senior vice president in Tenaska’s Strategic Development & Acquisition Group. “This transaction further strengthens the existing relationship between our two companies.”
Tenaska, one of the leading independent power producers in the United States, has developed more than 10,000 MW of natural gas-fueled and renewables power projects, including two utility-scale solar projects in Southern California in which Capital Dynamics is an investor. The Omaha, Nebraska-based company has a robust renewables program that includes advanced and mid-stage projects in the Midwest, as well as a majority investment in Soltage, LLC, a distributed solar generation company based in New Jersey.
Capital Dynamics was advised by Amis, Patel & Brewer, LLP as legal counsel for this transaction.