The equity transaction includes multiple commercial and
industrial-scale solar energy projects located across 10
states
SAN
FRANCISCO and ANNAPOLIS,
Md., June 8, 2022 /PRNewswire/
-- ForeFront Power, a leading developer and asset manager of
commercial and industrial-scale solar energy and storage projects,
has partnered with Hannon Armstrong Sustainable Infrastructure
Capital, Inc. ("Hannon Armstrong")
(NYSE: HASI), a leading investor in climate solutions, to create an
equity investment platform for the shared ownership of a 131 MW
portfolio of distributed solar and solar-plus-storage projects.
![ForeFront Power has more than a decade of renewable industry experience, serving business, public sector, and wholesale power customers around the world. Our team has developed over 800 MW of capacity across more than 1,000 projects, targeted on assisting public sector agencies and C&I firms to deliver the most impactful behind-the-meter, virtual, and wholesale solutions. (PRNewsfoto/ForeFront Power) ForeFront Power has more than a decade of renewable industry experience, serving business, public sector, and wholesale power customers around the world. Our team has developed over 800 MW of capacity across more than 1,000 projects, targeted on assisting public sector agencies and C&I firms to deliver the most impactful behind-the-meter, virtual, and wholesale solutions. (PRNewsfoto/ForeFront Power)](https://mma.prnewswire.com/media/489754/ForeFront_Power_Logo.jpg)
The projects in the portfolio are located in 10 states:
California, Colorado, Illinois, Iowa, Massachusetts, Michigan, New
York, Oregon, Texas, and Virginia. Many of the projects are already
completed and energized, while the remainder are in development and
scheduled for energization in 2022. ForeFront Power will
continue to steward customer relationships across the entire
portfolio and provide its customers and co-sponsor with ongoing
energy asset management services. CohnReznick Capital served as
financial advisor to ForeFront Power on the transaction.
"This equity partnership is another indication of strong market
momentum for distributed solar generation in the U.S.," said
Bryan Eckstein, ForeFront Power's
Vice President, Project Finance & Business Development.
"Partnering with Hannon Armstrong
accelerates ForeFront Power's development pipeline by providing an
additional source of capital for our climate change solutions that
deliver customer savings."
"We are pleased to be an equity capital partner with ForeFront
Power and support the continued expansion of their C&I solar
business across the U.S.," said Manny
Haile-Mariam, Hannon
Armstrong's Managing Director, Structured Investments Team
Lead. "This high-quality portfolio of behind-the-meter solar
projects further diversifies our investment in the distributed
generation market, which is critical for reducing carbon emissions
and strengthening energy security and resilience at the same
time."
About ForeFront Power
ForeFront Power is a leading North American developer of solar
and energy storage solutions for commercial, industrial, public
sector and community solar customers. The ForeFront Power team has
15 years of experience working together to develop more than 1,300
behind-the-meter and community solar and storage projects, totaling
more than 1 gigawatt-DC of renewable electricity. Headquartered in
San Francisco, with offices in
New York City and Mexico City, the company offers business,
government, education and community solar customers in the U.S. and
Mexico a broad array of
development, advisory and asset management services. ForeFront
Power is a wholly owned subsidiary of Mitsui & Co. Ltd., a
global energy infrastructure and investment leader with a robust
balance sheet and an "A" credit rating from Standard & Poor's.
For more information, visit forefrontpower.com.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is
the first U.S. public company solely dedicated to investments in
climate solutions, providing capital to assets developed by leading
companies in energy efficiency, renewable energy, and other
sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is
to make climate positive investments with superior risk-adjusted
returns. For more information, please visit
hannonarmstrong.com or follow us on
Twitter and Linkedin.
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SOURCE ForeFront Power