PureSky Energy (PureSky), a leader in sustainable energy solutions and independent power producer, is proud to announce the term conversion of a 54.5 MWdc of solar paired with 7.4 MWh of DC-coupled energy storage portfolio with a market value in excess of $150 million, marking a significant milestone as the company's largest portfolio of solar projects to date. This accomplishment not only reinforces PureSky's commitment to high-quality renewable energy development but also sets the stage for further expansion of our solar portfolios, driving the transition to clean energy forward.
The portfolio includes 12 solar projects across New York and Massachusetts. This achievement represents the culmination of PureSky Energy's strategic evolution from acquiring solar projects primarily through mergers and acquisitions (M&A) to increasing greenfield development ensuring the consistent quality and reliability of its expanding portfolio and maintaining a balance between acquisitions and greenfield development.
The Massachusetts projects Cotuit and Three Rivers are greenfield developments totaling 8.9 MWdc and feature the entirety of the portfolio's energy storage capacity. Meanwhile, the New York projects span seven sites acquired from Omni Navitas and three sites from EDF Renewables, illustrating PureSky Energy's strategic and diversified approach to solar project acquisition and development.
"This milestone highlights the exceptional quality of our portfolio and reflects the confidence our long-term partners place in our projects," said Jared Donald, CEO of PureSky Energy. "The successful conversion of this portfolio enables us to continue delivering renewable energy solutions that exceed industry standards and reinvest in initiatives that drive sustainable energy growth, benefiting both communities and the environment."
The portfolio's success is a testament to the collaborative efforts of PureSky Energy's partners:
- U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, acted as the tax equity investor.
- KeyBanc Capital Markets served as the lead debt arranger.
- CS Energy and EDF Renewables oversaw the construction of the majority of the New York projects with Dynamic Energy building the Massachusetts ones.
- Empyrean, subsidiary of PureSky Energy, expertly managed procurement and equipment supply, and served as the contractor for BESS.
"U.S. Bancorp Impact Finance is proud to support PureSky's portfolio and play a role in accelerating the transition to clean energy," said Environmental Finance Managing Director Darren Van't Hof. "These projects highlight the power of collaboration in building a more sustainable future."
"We are honored to serve as the lead debt arranger for the Amp IV portfolio, supporting PureSky Energy in achieving this significant milestone," said Tyler Nielsen, Director, KeyBanc Capital Markets Utilities Power and Renewable Energy Group. "Our involvement reflects our ongoing commitment to financing projects that advance renewable energy and deliver lasting benefits to communities and the environment."
This landmark achievement underscores PureSky Energy's dedication to advancing renewable energy development through a robust strategy that is transitioning from solely M&A to a balanced mix of M&A and greenfield development, guaranteeing the long-term quality and impact of its portfolio. By successfully completing its largest solar portfolio to date, PureSky Energy is positioned to channel its resources and expertise into future projects that will continue to transform the energy landscape.
About PureSky Energy:
PureSky Energy is a leading developer, owner, and operator of US community solar, C&I and storage projects with headquarters in Denver, Colorado. Since entering the US market in 2016, the company has rapidly expanded its scale and currently operates a portfolio with generation capacity of approximately 233MW across forty-four sites or under-construction projects expected to be completed in the short term. The company has a large pipeline of solar and battery storage projects across existing and new US markets, placing the platform in a primary position within the distributed generation market. The company's mission is to make clean energy accessible and a ordable to local communities across the United States, while shaping a brighter, more sustainable future for generations to come.
Website: www.pureskyenergy.com
For media inquiries, please contact:
Janet Janzen: marketing@pureskyenergy.com
