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JLC Infrastructure Invests in Greenskies

Tuesday, January 21, 2020

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Last week, infrastructure fund JLC Infrastructure announced that it successfully completed a transaction with solar-power facility developer Greenskies Renewable Energy that allows prior investors to rotate out, while aiding the company to accelerate the platform’s expansion in commercial, industrial and municipal sectors.

As part of the transaction JLC formed Greenskies Clean Energy as to acquire substantially all of the assets and employees of Greenskies Renewable Energy.

funfunphoto / Getty Images

Last week, infrastructure fund JLC Infrastructure announced that it successfully completed a transaction with solar-power facility developer Greenskies Renewable Energy that allows prior investors to rotate out, while aiding the company to accelerate the platform’s expansion in commercial, industrial and municipal sectors.

JLC adds that rebranding the developer “enables the company to focus on clean-energy solutions, including solar power, battery storage and emerging technologies, while retaining its long track record and experienced team.”

During the acquisition process, KeyBanc Capital Markets acted as exclusive financial advisor, and Winston & Strawn LLP served as transaction counsel to JLC Infrastructure on the Greenskies investment. The financial details of the operation have not been disclosed.

Previously, Greenskies has delivered over 350 MW of various types of solar projects—ranging in size from 100 kW to over 80 MW—in 19 states across the United States and controls a current portfolio made up of over 100 MW of contracted solar projects to be completed over the next 18 months and a pipeline of more than 500 MW in numerous stages of development.

“The opportunity to invest in C&I clean energy infrastructure at this scale and growth rate is tremendous, and we look forward to providing Greenskies with the capital support needed to deliver low-cost renewable energy solutions to new and existing commercial, municipal, and utility customers,” said Andrew Kim, Managing Director of JLC Infrastructure and Head of Sustainable Energy and Utilities.

Through the new investment, JLC intends to add to its own portfolio and plans to invest in small-scale utility and energy efficiency projects developed by Sustainability Partners. However, the infrastructure fund also intends to use its unique relationships in the municipal sector to build a leading integrated renewable independent power producer, focused on reaching customers seeking access to low-cost sustainable energy.

“We are excited to partner with JLC, an investor with deep experience in and commitment to renewable energy, who will provide Greenskies with the capital necessary to continue providing top-tier service to our existing customers and expand the company’s development capabilities in our next phase of growth,” said Stanley Chin, CEO of Greenskies.

   

Tagged categories: Acquisitions; Asia Pacific; Business management; Business matters; Business operations; EMEA (Europe, Middle East and Africa); Infrastructure; Infrastructure; Latin America; North America; Program/Project Management; Solar; Solar energy; Z-Continents

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