According to Capital Dynamics, the Clean Energy Infrastructure (CEI) business has completed the acquisition of the remaining 69.98% stake in Arlington Valley Solar Energy II (AVSE II), a 175 MW DC solar photovoltaic (PV) project, from funds that Managed by Apollo affiliates Global Management Inc.
CEI acquired a 30.02% stake in AVSE II as part of the acquisition of three solar PV projects from LS Power in November. After the takeover from the Apollo Funds, Capital Dynamics has a 100% stake in the AVSE II project accepted. The 438 MW DC solar PV portfolio includes:
-Centinela Solar Energy, 252 MW DC in Imperial County, California.
-Arlington Valley Solar Energy II, 175 MW DC in Maricopa County, Arizona.
-Dover Sun Park, 11 MW DC in Dover, Del.
“This transaction was a natural fit for us as it builds on our recent acquisition of 30% of AVSE II,” said Tim Short, CEO of CEI at Capital Dynamics in New York. “This allows for a cleaner and simplified ownership position that we were able to respond to quickly in collaboration with the Apollo team. We welcome the full participation of AVSE II in our 3.1 GW DC portfolio for the operation of US solar projects. “
King & Spalding LLP and Amis, Patel & Brewer LLP were legal counsel to Capital Dynamics.
Citigroup Global Markets Inc. acted as financial advisor to Apollo, and Kirkland & Ellis LLP and Allen & Overy LLP acted as legal advisor to Apollo.