Solaris (DIP Lenders/GoodFinch) Acquires Substantially All Sunnova Assets; SunStrong to Manage Portfolio

Sunnova Acquires SunStreet, Lennar's Residential Solar Platform

April 1, 2021

Renewable Energy

Sunnova Energy International Inc. completed its acquisition of SunStreet Energy Group, Lennar Corporation’s residential solar platform and has been named Lennar’s exclusive solar and storage service provider for new-home communities across the United States. As part of the deal, Lennar committed to provide tax-equity investments to support Sunnova’s homebuilder customer pipeline, enabling Sunnova to scale installations and offer battery storage and other energy services to SunStreet customers.

Solaris Energy Infrastructure Acquires Mobile Energy Rentals

July 9, 2024

Energy

Solaris Oilfield Infrastructure (renaming to Solaris Energy Infrastructure) has acquired Mobile Energy Rentals LLC for $200 million in a transaction that includes $60 million cash and ~16.5 million Solaris Class B shares issued to MER's founders and management. The deal expands Solaris' distributed power capabilities and end-market exposure (including oil & gas, data centers and C&I), adds a contracted mobile turbine fleet (153 MW today, expected to grow to 478 MW by Q3 2025) and is supported by new debt financing to fund fleet expansion.

Solar Capital Ltd. Acquires Majority Stake in Kingsbridge Holdings LLC

November 3, 2020

Financial Services

Solar Capital Ltd. acquired an 87.5% majority stake in Kingsbridge Holdings LLC on November 3, 2020, investing approximately $216 million (about $136 million of equity and $80 million of debt). The stake was purchased from TZP Capital Partners II, LP and affiliates with Kingsbridge management rolling a portion of their equity; the acquisition expands Solar Capital's specialty finance platform by adding lease origination and asset finance capabilities through Kingsbridge's equipment leasing business based in Lake Forest, Illinois.

CleanCapital Acquires 22.7 MW, 40-Asset Solar Portfolio From Kendall Sustainable Infrastructure

December 17, 2024

Renewable Energy

CleanCapital acquired a portfolio of 40 solar assets totaling 22.7 MW from Kendall Sustainable Infrastructure (KSI), expanding its operating distributed solar footprint across Vermont, New York and California. Manulife Investment Management and its institutional co-investors committed an additional $145 million of equity to CleanCapital to fund development, construction and future acquisitions; the sale closes out KSI’s first fund dedicated to community solar.

Denham Capital Acquires Solops to Build Distributed Solar Platform

February 10, 2023

Renewable Energy

Denham Capital, via its Sustainable Infrastructure business, has acquired Solops, a U.S. developer, financier, and owner/operator of commercial and industrial photovoltaic projects, with an initial $200 million commitment to execute Solops' 800+ MW project pipeline. Denham intends to support a buy-and-build growth plan, positioning Solops as an independent power producer (IPP) to accelerate deployment of distributed generation solar across the United States.

Complete Solar and Solaria Merge to Form Complete Solaria

November 7, 2022

Renewable Energy

Complete Solar and Solaria completed a merger to form Complete Solaria, a vertically integrated residential solar company combining manufacturing, distribution, installation, financing and software capabilities. The combined business is expected to generate approximately $120 million in 2022 (with further growth projected), and the company has announced a planned business combination with SPAC Freedom Acquisition I Corp. to provide public-market financing.