Tortoise Capital Advisors has announced that its closed-end fund, Tortoise Energy Infrastructure Fund (TYG), has acquired an approximately 33 megawatt commercial and industrial (C&I) solar portfolio from Kenyon Energy and its affiliate Sun Financial. Kenyon Energy is a leading developer, owner and operator of distributed solar projects. These solar projects will provide electricity to various university and municipality customers in the State of New York.
“We view renewable energy as an increasingly critical component of the energy value chain and we have an experienced team focused solely on private renewable energy and infrastructure investments,” said Matthew Sallee, portfolio manager and president of TYG. “We are enthused about this investment in long-lived, stable assets with long-term contracts and high-quality counterparties to generate predictable cash flows and risk/return potential similar to our current MLP investments. Additionally, we believe that our proactive approach to managing taxes through solar investment tax credits will be accretive to our stockholders.”
“We are pleased to partner with Kenyon Energy and its affiliate Sun Financial to develop, construct and operate solar PV projects across the United States,” said Jerry Polacek of Tortoise’s clean energy and infrastructure team. “As a long-term owner of renewable energy assets, we believe there is significant opportunity to capitalize on the unfolding growth trend in the solar energy sector.”
“We look forward to our continuing relationship with Tortoise to develop and finance numerous of our projects,” said Hugh Tarpley of Kenyon Energy.
Source: Tortoise Capital Advisors
Date: Sep 14, 2017