CleanCapital LLC and a fund manager formed by the agriculture giant Cargill Inc. are forming a partnership that plans to buy as much as $1 billion in solar projects, with CarVal Investors providing a $250 million equity investment.
The companies plan to purchase small, operating U.S. solar farms and then aggregate the revenue streams into funds to offer to accredited investors like family offices, CleanCapital said in an emailed statement Monday. The New York-based company has developed a due diligence and analysis system that lets it close acquisitions in less than 60 days, said Thomas Byrne, a CleanCapital co-founder.
“It allows us to go out and buy a lot more solar assets,” Byrne said in an interview. “We’re looking at a broad range, from a few hundred kilowatts to a handful of megawatts.”
CleanCapital has already purchased almost $100 million of projects, and formed two of these funds with projects in at least 10 states, according to its website.