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Prosody exits from US solar development joint venture

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Prosody Investments I has completed its exit from a joint venture holding a portfolio of nearly 100MWs of late-stage, distributed solar photovoltaic assets across northeast US.

When placed into service later this year, the projects will provide discounted power to local cities and educational institutions, as well as long-term lease revenue to the governmental entity that owns the underlying real estate. 

In addition, construction will provide hundreds of good-paying jobs and significantly reduce greenhouse gas emissions.

Prosody's role as the managing member included originating and structuring development opportunities and partnerships, as well as creating and managing the development of the entity and its subsidiaries on behalf of a European private equity investor.

Prosody managing partner Charles R. Brettell said: "Prosody was pleased to have been able to put its seasoned renewable power development team to use as a principal in the entity. 

"We wish the firm and its partners well as they work to get these projects into commercial operation."

Terms of both Prosody's exit and the underlying transaction were not disclosed due to confidentiality constraints imposed by the acquirer, a large US private equity fund.

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