CleanCapital acquires landfill, renewable energy developer BQ Energy

Renewable energy investor CleanCapital LLC acquired landfill and renewable energy developer BQ Energy LLC for an undisclosed amount.

The deal includes BQ Energy's pipeline of late-stage development solar projects totaling over 300 MW and mid-stage development solar projects totaling more than 700 MW, CleanCapital said June 29.

"CleanCapital will fund the development of projects in [BQ Energy's] substantial long-term pipeline, deploying capital to projects that not only advance the energy transition but also put underutilized and polluted land to new use with myriad climate and community-related benefits," the company said in a release.

The transaction is part of a series of investments that followed CleanCapital's $300 million commitment from Manulife Investment Management, which was announced in April 2021. In February 2022, CleanCapital acquired a 65.3-MW portfolio of solar projects in the U.S. from BR Group Holdings LLC for undisclosed terms.

Marathon Capital acted as CleanCapital's buy-side adviser on the deal. Plexus Solutions advised BQ Energy. CleanCapital engaged Kirkland & Ellis LLP as buyer's counsel, and BQ Energy was represented by McDermott Will & Emery LLP.

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