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Capital Dynamics Acquires Remaining Interest in Arlington Valley Solar Energy II from Apollo FundsNEW YORK, Dec. 29, 2020 /PRNewswire/ -- Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy Infrastructure ("CEI") business has completed the acquisition of the remaining 69.98% interest in Arlington Valley Solar Energy II ("AVSE II"), a 175 megawatt ("MWdc") solar photovoltaic ("PV") project, from funds (the "Apollo Funds") managed by affiliates of Apollo Global Management, Inc. (together with its consolidated subsidiaries, "Apollo"). CEI acquired a 30.02% interest in AVSE II as part of the acquisition of three solar PV projects from LS Power in November 2020. Following the acquisition from the Apollo Funds, Capital Dynamics has assumed 100% interest in the AVSE II solar PV project. The 438 MWdc operating solar PV portfolio includes:
"This transaction was a natural fit for us as it builds on our recent acquisition of a 30% interest in AVSE II," said Tim Short, Managing Director, Clean Energy Infrastructure at Capital Dynamics in New York. "This allows for a cleaner and simplified ownership position which we were well prepared to act on quickly in cooperation with the team at Apollo, for a mutually beneficial transaction. We welcome the full ownership of AVSE II into our 3.1 GWdc portfolio of operating US solar projects." "Having made significant operational and financial performance improvements, Arlington Valley Solar is well positioned for growth and success in its next phase backed by Capital Dynamics," said Geoffrey Strong, Senior Partner and Co-head of Infrastructure and Natural Resources at Apollo. "At Apollo, we continue to find attractive opportunities in renewable energy assets, demonstrated by recent transactions across our infrastructure business, as a result of the growing, long-term demand for clean energy." King & Spalding, LLP and Amis, Patel & Brewer, LLP served as legal counsel for Capital Dynamics. Citigroup Global Markets Inc. acted as financial advisor to Apollo, and Kirkland & Ellis LLP and Allen & Overy LLP served as legal counsel to Apollo. About Capital Dynamics Since the CEI platform's inception in 2010, over 17 million metric tons of greenhouse gas emissions have been avoided as a result of the firm's renewable investments. 4 This is equivalent to the power needed to supply more than 3 million homes or passenger vehicles for one year.5 In 2020, the CEI strategy received top rankings from GRESB (the ESG benchmark for real assets) for commitment to sustainability, and in 2019 awarded Global PE Energy Firm of the Year by Private Equity International. For more information, please visit: www.capdyn.com. About Apollo Apollo Contact Information: For investors please contact: Peter Mintzberg For media inquiries please contact: Joanna Rose Capital Dynamics Contact Information: Nicholas Rust | Prosek Partners 1 Capital Dynamics, as of September 30, 2020. Includes assets in renewable energy projects managed by Capital Dynamics, including USD 4.2 billion assets under discretionary management and USD 2.4 billion tax equity assets. Tax equity is a financing solution for renewable energy projects. View original content:http://www.prnewswire.com/news-releases/capital-dynamics-acquires-remaining-interest-in-arlington-valley-solar-energy-ii-from-apollo-funds-301198859.html SOURCE Capital Dynamics |