Company acquires wind and solar ground lease portfolio
PLANO, Texas–(BUSINESS WIRE)–Activate Renewables, a leading acquirer of real estate and royalty interests in wind, solar and energy storage, today announced it has closed on the purchase of a portfolio of renewable ground leases from a fund managed by the Infrastructure Opportunities strategy of Ares Management (“Ares”).
The portfolio consists of wind and solar property leases together supporting more than 115 megawatts of power. The portfolio has assets located across three states with long-term power purchase agreements with high-quality off takers. Terms of the deal were not disclosed.
“We were excited to have the opportunity to work with Ares on the sale of these assets,” said Maria Klutey, president of Activate Renewables. “This transaction represented an ideal project for Activate, where we could deploy our low-cost, permanent capital to acquire an attractive portfolio.”
Activate Renewables works with renewable energy developers across the U.S. to help them enhance returns and improve capital efficiency by acquiring their land, lease or purchase options.
To date, Activate and its affiliates have acquired or signed agreements to fund acquisitions totaling nearly 7,000 solar acres and 57 wind turbines directly supporting more than 2.6 gigawatts of existing or planned renewable power generation across 20 states.
About Activate Renewables
Activate Renewables is committed to powering new economy investments through the acquisition of real estate and royalty interests associated with high-quality wind, solar and energy storage facilities located across the United States.
About Accelerate Real Asset Management
Accelerate’s mission is to deliver impactful value for investors, property owners, and tenants through a values-based approach to investments that support a secure and sustainable future. Supported by $750 million in equity and debt funding commitments, Accelerate aggregates income-producing real property interests and seeks to deliver differentiated, risk-adjusted returns.
Contacts
Gayle Goodman; Chief Communications Officer, Accelerate; (214) 292-8956; ggoodman@accelerate-llc.com