Equal Earth expects that the wind turbines will commence commercial operations before year-end, which would deliver attractive investment tax credits for the company.
This acquisition is the latest in a series of Equal Earth acquisitions that leverages the company’s expertise in renewable energy project financing. The deal is part of a broader growth strategy that involves acquiring revenue-generating projects with low operational costs to generate predictable future cash flows and attractive after-tax returns for investors.
Equal Earth Chairman, President and CEO, Andrew Duggan, said:
“This transaction will compliment our existing portfolio of renewable energy assets and we expect it to deliver the type of returns investors are seeking. We view this deal as a long-term win for our investors and as part of a series of acquisitions in line with our growth strategy.”
The acquisition includes a combination of private equity, tax equity and debt financing, according to Duggan. The transaction is subject to customary closing conditions and is expected to close before year-end.
Recently, Equal Earth completed its acquisition of First National Solar, a Hawaii-based solar project origination company, and has significantly grown its portfolio of renewable energy projects.