Late-Stage Development Assets Sold to Private Equity Buyer
KANSAS CITY: Prosody Investments I, LLC, today announced its successful exit from a joint venture encompassing a portfolio of approximately 100 MWs of late-stage, distributed solar photovoltaic assets located in the northeast United States.
When placed into service later this year, the projects will provide discounted power to local cities and educational institutions, as well as long-term lease revenue to the governmental entity that owns the underlying real estate. In addition, construction will provide hundreds of good-paying jobs and significantly reduce greenhouse gas emissions.
Prosody’s role as the managing member included originating and structuring development opportunities and partnerships, as well as creating and managing the development of the entity and its subsidiaries on behalf of a European private equity investor.
“Prosody was pleased to have been able to put its seasoned renewable power development team to use as a principal in the entity,” said Charles R. Brettell, Prosody’s Managing Partner. “We wish the firm and its partners well as they work to get these projects into commercial operation.”
Terms of both Prosody’s exit and the underlying transaction were not disclosed due to confidentiality constraints imposed by the acquirer, a large US private equity fund.
About Prosody: Prosody Investments I, LLC, is a wholly-owned subsidiary of Prosody Consulting, LLC, a strategic consulting firm serving clients in the energy, agriculture and financial services industries. Prosody’s #listenconnectsolve approach has been especially useful to companies developing new projects and businesses, revitalizing existing operations, and resolving inherent tensions with stakeholders in regulated environments. Prosody’s commercial advocacy on behalf of clients developing greenfield projects has resulted in successful engagements in 42 states. The firm’s revitalization and resolution services have been equally useful in defraying costs and achieving outcomes in a manner resulting in closer, richer and more productive relationships with regulators and communities in which its clients operate.