A solar developer has reached out to several potential financial advisers regarding a solar portfolio that it intends to bring to the market by the end of this year.
The company, Suneast Development, is planning to find investors for projects that won contracts in New York State Energy Research and Development Authority's 2018 renewable energy standard solicitation process. The 105 MW portfolio is located in various New York counties.
Suneast began reaching out to banks as early as April, deal watchers tell PFR.
Spokespeople for the developer in Saysbrook, Conn., did not respond to inquiries by press time.
The five-project portfolio comprises:
- The 20 MW Clay Solar facility in Clay in Onondaga County,
- The 20 MW Dog Corners Solar facility in Ledyard, Cayuga County,
- The 20 MW Hills Solar facility in Manheim, Herkimer County,
- The 20 MW Skyline Solar facility in Westmoreland, Oneida County, and
- The 25 MW Watkins Road Solar facility in Herkimer County.
Suneast acquired the projects last May from Gardner Capital, a firm specializing in tax credit investments (PFR, 6/18/18).
At the time, Suneast was also raising development capital, with Whitehall & Co. acting as financial adviser. The company ultimately secured a $40 million investment from Hanover, N.H.-based New Energy Capital Partners (PFR, 11/12). Suneast intended to use the capital in part to fund the development of the 105 MW portfolio.
As a condition of the 2018 capital raise, New Energy Capital may also later have the chance to buy into approximately 230 MW of development assets to which Suneast holds pre-emptive rights.