CleanCapital announced the acquisition of BQ Energy (BQE), a national leader in landfill and brownfield renewable energy development. CleanCapital has acquired 100% of the ownership interests in BQE, which will continue to leverage its unparalleled expertise in this segment as a wholly owned and independently operated subsidiary of CleanCapital. CleanCapital will fund the development of projects in BQE’s substantial long-term pipeline, deploying capital to projects that not only advance the energy transition but also put underutilized and polluted land to new use with myriad climate and community-related benefits.
The acquisition of BQE includes a pipeline of late-stage development solar projects totaling over 300 MW and mid-stage development solar projects totaling more than 700 MW. BQE develops community solar, commercial & industrial (C&I) solar, and utility-scale solar assets on landfills and retired industrial sites including refineries, steel mills, coal plants, and mines, converting environmentally compromised land into a source of clean, renewable energy for the benefit of surrounding communities.
This landmark acquisition solidifies CleanCapital’s deepening position in the clean energy market; since early 2021, its focus has evolved from acquiring operating solar assets to a more expansive approach including development and construction of solar and storage assets. Already one of the nation’s leaders in investing, financing, and operating commercial solar assets, this transformational investment in brownfield development demonstrates CleanCapital’s broadening footprint and its commitment to accelerating the energy transition.
“CleanCapital prides itself in leading the investment community into new clean energy segments,” said Thomas Byrne, CEO of CleanCapital. ”BQE finds land left in environmental disrepair and gives it new life with on-site clean energy projects, doubling the climate-related impact of these assets. We are excited to welcome their exceptional team into the CleanCapital family.”
“Over the last 15 years of operations BQE has successfully developed projects sited exclusively on landfills and brownfields, becoming a leader in this sector. That track record, along with the popularity of this brownfield redevelopment concept among diverse stakeholders, means we are uniquely positioned to take advantage of the considerable opportunities in this space,” said Paul Curran, Chief Executive Officer of BQ Energy.
“Working under the CleanCapital umbrella provides tremendous synergies for our teams. With CleanCapital’s financial backing, our development team can focus on what they are great at—rather than raising capital piecemeal, we can get more brownfield solar projects developed and built.”
This acquisition, along with a 65 MW acquisition announced in February, is part of a series of investments that followed CleanCapital’s $300 million commitment from Manulife announced last year. To date, CleanCapital has successfully acquired and managed 200 projects in 24 states totaling more than 300 MW. Its cumulative acquisitions total more than $800 million, solidifying its position as one of the top ten commercial solar asset owners in the U.S.
CleanCapital engaged Kirkland & Ellis LLP as buyer’s counsel on this transaction. BQ Energy was represented by McDermott Will & Emery LLP.
Marathon Capital acted as the exclusive buy-side advisor to CleanCapital on the transaction. Plexus Solutions advised BQ Energy on the transaction.