MVP Capital advised New Energy Solar (NES), a leading Australian sustainable investment business, on its recent binding agreement to acquire fourteen utility-scale solar plants from Cypress Creek Renewables (CCR).
The portfolio has a total generation capacity of 130MW. Ten of the plants, totaling 71MW, are located in North Carolina and are expected to sell power under long-term contracts to Duke Energy Progress and Duke Energy Carolinas, both subsidiaries of Duke Energy Corporation, the largest electric power holding company in the United States. The remaining four plants, totaling 59MW, are located in Oregon and are expected to sell power under long-term contracts to PacifiCorp, a subsidiary of Berkshire Hathaway Energy. Construction of the first projects is expected to begin in late 2017 and the portfolio is anticipated to be commercially operational by the end of 2018.
Established in 2015, NES’ objective is to help investors generate positive social impacts alongside financial returns through investment in large-scale solar assets that can contribute to a reduction in emissions (compared to fossil fuel power). Once the acquired CCR plants are operational, NES will own 350MW of large-scale solar underpinned by highly creditworthy off-takers.
With in-depth knowledge of the renewable energy sector and deep relationships among infrastructure investors and operators, MVP provides innovative and comprehensive financial advisory services to clients.
If you are looking for an advisor who truly understands renewable energy and can leverage that knowledge to help you achieve your goals – look to MVP.