NEW
YORK, June 17, 2024 /PRNewswire/ --
Today, Captona and Scale Microgrids announce the closing and
funding of a portfolio of community solar and microgrid assets in
New York and California. This transaction demonstrates
Captona's continued ability to execute on a wide array of energy
transition investments.
This latest investment furthers the growth of Captona's
preferred equity strategy and enables Scale, its partner, to
optimize the value of their investment tax credits. Each party's
deep expertise in renewable energy financing, as well as Scale's
expertise in the operation of these projects, will enhance the
value of Captona's strategic investment.
"Captona is thrilled to complete yet another investment through
our rapidly expanding preferred equity strategy," said Izzet Bensusan, CEO and Founder of Captona.
"This portfolio of microgrids and community solar projects provide
reliable, sustainable energy solutions that enhance energy
independence and grid resilience. As an energy transition
investment firm, we find these asset classes to be a great fit
within our existing portfolio of RNG, fuel cells, storage and
solar."
"Captona's partnership helps Scale unlock value in this
portfolio," said Julian Torres,
Chief Investment Officer of Scale Microgrids, "Scale prides itself
in delivering cheaper, cleaner and more resilient power to our
customers and community stakeholders. By closing this transaction,
we have been able to take full advantage of the new opportunities
to monetize investment tax credits under Section 6418."
The projects, which leveraged Scale's vertically integrated
platform to advance from development through construction and
financing, have all been placed in service. Scale will also
continue to own, operate and maintain the projects. They include a
microgrid that will power a first of its kind off-grid cold storage
facility, another microgrid that will provide energy savings and
resiliency to a municipal water district in California, and community solar projects that
will provide savings to New York
utility customers. Captona's involvement underscores its commitment
to supporting innovative energy solutions and expanding its diverse
portfolio of renewable energy assets.
Kirkland & Ellis served as counsel for Captona and
Allen Overy Shearman served as
counsel for Scale Microgrids.
About Captona: Captona is a leading North America-focused investment company
dedicated to the Energy Transition and Decarbonization. With a
focus on solar, storage, fuel cell, and RNG assets, Captona
pioneers innovative investment strategies that align financial
returns with positive environmental impact. Headquartered in
New York City, Captona manages
$2 billion in enterprise value,
owning and operating more than 30 projects across North America. Captona's diverse portfolio of
energy transition assets and strategic partnerships empower
businesses and communities to embrace clean energy, driving us
towards a sustainable future.
About Scale Microgrids: Scale is a vertically-integrated
energy company that designs, builds, finances, owns, and operates
distributed energy assets that deliver cheaper, cleaner, and more
resilient power. Our team accelerates growth in distributed energy
by providing financing to project developers, while also directly
helping large energy-consuming customers take charge of their
energy supply with microgrids that integrate solar, batteries, and
other on-site energy assets.
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SOURCE Captona