CleanCapital and Arena Renewables Announce Partnership to Advance Solar Energy Development

CleanCapital, a fully integrated clean energy company, has announced a new solar development partnership with Arena Renewables, a community and distributed solar and storage developer founded in 2023. This collaboration aims to significantly advance solar energy development across the United States, focusing on expanding the clean energy ecosystem in key markets like Illinois and Maryland.

Under the terms of the agreement, CleanCapital and Arena Renewables will collaborate on financing and developing a substantial portfolio of distributed solar projects. These projects will primarily target community solar initiatives and corporate offtake opportunities. Arena Renewables will leverage its expertise in delivering solar and storage development projects, aiming to provide clean energy access and cost savings to utility customers. CleanCapital will support Arena Renewables’ growth by providing a mix of debt and equity financing, utilizing its advanced diligence process to accelerate project development, and maintaining ownership and operation of the projects long-term.

Julia Bell, Chief Investment Officer at CleanCapital, expressed enthusiasm about the partnership, stating, “We are excited to enter into this partnership with Arena Renewables because, at the core, they are dedicated to bringing more clean energy megawatts onto the grid to serve communities in need.” Bell emphasized Arena Renewables’ extensive experience in renewables, utilities, and real estate as key factors in the collaboration.

Matthew Kozey, co-founder and Chief Executive Officer of Arena Renewables, also commented on the partnership, saying, “We are thrilled to work with CleanCapital on this agreement. We found a partner that understands early-stage development and brings significant market expertise to the table. This partnership will accelerate growth in our portfolio and help Arena Renewables power the next generation of community energy.”

This strategic partnership is a significant milestone for CleanCapital as it continues to expand its efforts in delivering distributed renewable energy solutions. The company’s pipeline now includes nearly two gigawatts (GW) of solar projects and over eight gigawatt-hours (GWh) of energy storage, with a portfolio of over 240 projects totaling more than 340 megawatts (MW) either operating or under construction.

CleanCapital was advised by Orrick, Herrington & Sutcliffe on this transaction.