Investor acquires Dover Sun Park solar array
DOVER – A global private asset management firm has acquired the Dover Sun Park solar array in a multi-asset deal with LS Power announced Monday.
Capital Dynamics, based in New York, acquired the 9-year-old, 11-megawatt array located off Route 1 on the northeast side of the city along with much larger projects in California and Arizona. The terms of the deal were not disclosed but are subject to regulatory approvals. The sale is expected to close in the fourth quarter of 2020.
In picking up Dover Sun Park, Capital Dynamics adds the state’s second largest solar project. The firm is one of the world’s largest investors in solar energy.
“The acquisition of this portfolio is consistent with our strategy of acquiring or developing clean energy infrastructure assets in attractive locations. These high-quality, contracted projects will be an important addition to our 4.6 gigawatt solar portfolio and our 2.9 gigawatt hour energy storage portfolio, compounding our ability to achieve benefits of scale, leverage our deep operational experience, and unlock opportunities to add value to this critical energy infrastructure,” said Tim Short, managing director for clean energy infrastructure at Capital Dynamics, in a statement announcing the sale.
Activated in 2011, the 103-acre Dover Sun Park delivers power to the local utility distribution grid with the city of Dover, Delaware Municipal Electric Corporation, Delmarva Power, and the Delaware Sustainable Energy Utility purchasing the renewable energy credits associated with the system.