EXCELSIOR, MN– December 20, 2018 – Excelsior Energy Capital (“Excelsior”), a leading independent North American renewable energy investor, announced today that its North American Renewable Energy Fund (the “Fund”) has acquired from Syncarpha Capital (“Syncarpha”) 100 percent of the sponsor equity interests in a 16.2 MW operating solar portfolio.
The ground-mount solar projects are located in Massachusetts and Vermont and have offtake agreements with credit-worthy counterparties under a weighted average remaining contract term of 20.5 years. Firstar Development LLC, a subsidiary of U.S. Bancorp, is participating as the tax equity and Nomura Corporate Funding America is providing backleverage to the portfolio.
Chris Moakley, Managing Partner of Excelsior, said: “Excelsior is pleased to announce the acquisition of this Syncarpha operating solar portfolio as it squarely aligns with the core strategy of the Fund to acquire high-quality operating solar projects from experienced developers and operators, with the intent of further improving long-term operational and financial performance for the Fund’s limited partners.”
“Syncarpha is excited to be partnering with Excelsior as the long-term asset manager on this operating solar portfolio. We appreciate the deep expertise that the Excelsior team brings to bear and plan to expand our cooperation in the coming months,” explained Syncarpha CEO and Co-Founder, Cliff Chapman.
About Excelsior Energy Capital
Excelsior Energy Capital is a pure-play renewable energy infrastructure fund focused on long-term investments in wind and solar power plants in North America. The Excelsior Team brings over 70 years of combined experience and a comprehensive set of strategic, financial, legal and operational expertise; making Excelsior Energy Capital a valuable partner for developers and operators, and a trusted manager for investors.
About Syncarpha Capital
Syncarpha Capital is a New York based private equity firm dedicated to developing, owning and operating distributed generation photovoltaic (PV) solar energy systems throughout the United States and Canada. Syncarpha Capital currently operates over 100 megawatts (MW) of ground mounted and rooftop solar assets in New Jersey, Massachusetts, Minnesota, New Mexico, New York, the Carolinas, Nevada, Vermont, and Arizona. Syncarpha has additional projects currently under construction in Massachusetts, Minnesota and New Mexico.
About U.S. Bancorp Community Development Corporation
With $28 billion in managed assets as of Sept. 30, 2018, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and contribute to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.