Swiss fund of funds manager Capital Dynamics has acquired a portfolio of 13 solar energy projects from Pennsylvania-based developer Tangent Energy Solutions, marking its first clean energy investment in the US since it set up a dedicated clean energy investment team last year.
The 13 projects are all located in Pennsylvania and will primarily provide energy to industrial and educational sites, according to a statement.
Rory Quinlan, managing director at Capital Dynamics, said the firm was interested in the projects because of “a combination of a good market and a good partner in Tangent”.
Quinlan declined to discuss financial terms of the transaction.
Pennsylvania’s Commonwealth Financing Authority provided a grant to support the development of the projects. One project, which provides power to a school district in Bethlehem, came online last month, according to Tangent.
Capital Dynamics also agreed to fund future solar projects developed by Tangent, but the firm is not acquiring the company, Quinlan said.
Last year, Capital Dynamics, which manages more than $21 billion in private equity and real estate funds, launched a Clean Energy Infrastructure investment strategy to target direct investments in wind, solar, biomass and other sectors.
Quinlan said the Tangent projects marked the firm’s first clean energy investment in the US, and that Capital Dynamics would continue to look at clean energy investments across the country.