Portfolio encompasses 48.5 MW-DC of commercial
and industrial solar,
including several solar-plus-storage projects totaling 3.7
MW
SAN FRANCISCO ,
April 18,
2023 /PRNewswire/ -- ForeFront Power, a leading
developer and asset manager of commercial and industrial-scale
(C&I) solar energy and battery storage projects, and HASI
(NYSE: HASI), a leading investor in climate solutions, have entered
into a follow-on equity investment for a portfolio of distributed
solar and solar-plus-storage projects located across California.
The transaction, which reached financial close on March 30, 2023, builds upon an initial co-sponsor
equity investment for a separate U.S. distributed solar portfolio
that HASI made with ForeFront Power in 2022.
"A second chapter of equity investment by HASI enables ForeFront
Power to continue its leadership position in developing
behind-the-meter solar and energy storage projects for the benefit
of our customers," said Michael
Smith, CEO of ForeFront Power. "Solar is a mature technology
that provides long-term returns to investors, while reducing
electricity costs for customers and eliminating carbon emissions
from the power grid."
"We are excited to expand our relationship with ForeFront Power
with this latest investment in a diversified C&I solar
portfolio," said Susan Nickey, Chief
Client Officer of HASI. "ForeFront Power's exceptional team has
demonstrated their ability to deliver and operate high-quality
solar and storage projects that meet pro forma expectations, and we
look forward to continuing to support their growth."
The portfolio comprises 48.5 MW-DC of commercial and industrial
ground-mounted, carport, and rooftop solar, including several
projects paired with battery storage totaling 3.7 MW. Approximately
36 MW of the distributed assets are mechanically complete and were
funded at financial close, while the remaining projects will be
funded upon completion through year-end.
Added Smith: "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."
About ForeFront Power
ForeFront Power is a leading developer of commercial and
industrial-scale (C&I) solar energy and battery storage
projects in the U.S. and Mexico,
also offering vehicle fleet electrification services. Over 15 years
of working together, the ForeFront Power team has developed more
than 1,400 behind-the-meter and community solar projects, totaling
more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power
serves business, government, education, healthcare and community
solar customers with a broad array of development, asset management
and advisory services from its San
Francisco headquarters and via teams based in New York, Mexico
City, and across the U.S. through a hybrid work model.
A wholly owned subsidiary of global energy infrastructure and
investment leader Mitsui & Co. Ltd., ForeFront Power operates
under Mitsui's North American investment arm, MyPower Corp. Mitsui
holds a robust balance sheet and an "A" credit rating from Standard
& Poor's.
About HASI
HASI (NYSE: HASI) is a leading climate positive investment firm
that actively partners with clients to deploy real assets that
facilitate the energy transition. With more than $9 billion in managed assets, our vision is that
every investment improves our climate future. For more information,
please visit www.hasi.com.
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SOURCE ForeFront Power