CleanCapital, CI Renewables planning construction of 29-MW Maryland solar portfolio

CleanCapital and CI Renewable Energy plans to build a portfolio of solar projects that will provide solar electricity to Howard County, Maryland. CleanCapital will provide all necessary funding for the 11 projects, totaling 29 MW, which are expected to be commercially operational in 2021 and 2022. CI will oversee the construction of each of the projects through to commercial operation.

“In April, we announced a $300 million commitment from Manulife and our intent to accelerate CleanCapital’s investments in mid-market solar and storage,” said Melinda Baglio, CleanCapital’s Chief Commercial Officer and General Counsel. “We’re excited to put that capital to work to fund high-impact new construction projects like this one and to partner with CI for a second time.”

In April 2020, Howard County Executive Calvin Ball announced the signing of the power purchase agreement, noting that the energy produced by these projects will represent approximately 30% of the total annual electricity consumption for county government operations. . This agreement provides an aggregate expected cost/benefit ratio of $1.2 million over the 25-year term of the contract.

“We are very excited to partner with CleanCapital again on these exciting projects for Howard County,” said Alan Epstein, CI president and CEO. “We have worked with CleanCapital before and know that they can capture and finance solar project portfolios. As CI continues to develop additional projects in Maryland and other states, we will certainly look to CleanCapital as our partner. We are also delighted that The Whiting-Turner Contracting Company is once again acting as construction manager for these projects, as it has done for us many times in the past.”

CleanCapital’s cumulative acquisitions now total more than $840 million. The company currently manages more than 230 MW of more than 160 projects in 18 states.

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