Capital Dynamics Closes $1.2 Billion Clean Energy Infrastructure Fund

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Switzerland-based asset management firm Capital Dynamics announced this week that it had closed yet another $1.2 billion clean energy infrastructure fund, following the successful close of another $1.2 billion fund earlier this year.

Capital Dynamics announced on Tuesday the financial close of its Clean Energy and Infrastructure VII JV LLC fund (CEI VII) with capital commitments of $1.2 billion. As a result of this close, Capital Dynamics now manages approximately $4.8 billion for its clean energy infrastructure strategy and is ranked as the second-largest owner of solar projects in the United States. Specifically, Capital Dynamics’ Clean Energy Infrastructure team currently manages 2.3 GW worth of solar projects — including five of the 15 largest solar farms in the United States.

CEI V closed earlier this year at $1.2 billion and has now been fully invested into over 1.5 gigawatts (GW) worth of solar projects across the United States. The three investors in CEI V — Dutch asset manager APG, the California State Teachers’ Retirement System, and  a wholly-owned subsidiary of the Abu Dhabi Investment Authority — are also the primary equity participants in CEI VII which will focus on investing in US-based utility-scale renewable generation assets.

“With the close of CEI VII, we will continue to execute our proven investment strategy of investing in high-quality renewable energy generation projects,” explained John Breckenridge, head of the Capital Dynamics Clean Energy Infrastructure business. “We greatly appreciate the continued confidence of our major investors and are committed to helping them achieve both their investment and ESG goals. Our highly focused and efficient approach to the sector has led to great success for CEI V and we look forward to continuing to execute our strategy with CEI VII.”

This latest move from Capital Dynamics’ Clean Energy Infrastructure team comes only two months after it completed the financing for its acquisition of California-based yieldco, 8point3 Energy Partners — an acquisition which was first announced in February of this year. The completed acquisition added a portfolio of 14 solar projects totalling 710 MW to its own portfolio of solar projects.

“The completion of the 8point3 transaction is a significant milestone in the growth and momentum of our clean energy infrastructure team and positions us as one of the largest acquirers of renewable energy projects in North America,” said John Breckenridge at the time. “We look forward to integrating these assets into our portfolio and executing our proven strategy for managing these projects.”

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Joshua S Hill

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