Landmark Dividend Subsidiary Closes $73 Million Utility-Scale Solar Land Acquisition
Landmark Infrastructure Partners LP (Landmark Infrastructure), a publicly traded partnership and controlled subsidiary of Landmark Dividend LLC (Landmark Dividend), today announced that it has acquired (through a wholly-owned subsidiary) approximately 4,000 acres of land in California underneath four utility-scale solar photovoltaic (PV) projects developed by Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies. Total consideration was approximately $73 million.
“Landmark Infrastructure is thrilled to partner with Recurrent Energy on this land portfolio, which houses solar projects that are expected to deliver clean power to more than 100,000 California homes,” said Alex Stone, head of Landmark Dividend’s renewable energy group. “With the closing of this transaction Landmark Dividend and its subsidiaries, including Landmark Infrastructure, lease land interests to over 1GW of renewable energy projects, including solar, wind, transmission and battery storage facilities.”
Landmark Dividend works closely with its renewable energy lessees to provide custom-tailored real estate solutions. As a partner to renewable energy project developers, Landmark Dividend provides exceptional value to clients with its ground leasing expertise and operational discipline, resulting in transactions that close quickly and smoothly. Landmark Dividend and its subsidiaries have provided funding for more than 60 land assets underneath renewable energy projects. “The Recurrent Energy land acquisition is a great addition to Landmark Infrastructure’s existing portfolio of renewable energy assets with the project entities holding long-term power purchase agreements from high quality utilities,” said George Doyle, Chief Financial Officer for Landmark Dividend and Landmark Infrastructure. “This transaction reinforces Landmark Dividend’s commitment to the renewable energy sector.”