SAFETY HARBOR, Fla.--(BUSINESS WIRE)--Sun Financial, LLC and Kenyon Energy, LLC have announced the sale of an approximately 33 megawatt distributed generation (DG) solar portfolio to closed-end fund, Tortoise Energy Infrastructure Fund (TYG). Financial terms were not disclosed however as part of the transaction, Sun Financial retained rights to buy back into the portfolio of solar projects that will provide electricity to various university and municipality customers in the State of New York. Bay4 Energy Services, LLC has been selected to provide ongoing asset management and O&M services.
“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.”
Clay Biddinger, Chairman & CEO of Sun Financial, added “we are pleased to partner with TYG on this portfolio of solar projects and look forward to providing renewable energy to our university and municipality customers across New York. The structure of this transaction is consistent with Sun Financial’s desire to be a long-term owner of renewable energy assets. As one of the largest owner-operators of DG solar projects in New York, this deal allows Sun Financial to re-balance its portfolio so we can continue to fund and acquire PPA projects from our nationwide network of developer partners.”
“We are pleased to partner with Sun Financial and its affiliate Kenyon Energy 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.”
Ray Gonzalez, President of Kenyon Energy, added “As a leading developer, owner and operator of distributed solar projects, we look forward to our continuing relationship with Tortoise to develop and finance numerous projects.”
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in actively managed essential assets investing including the energy value chain. As of Aug. 31, 2017, the adviser had approximately $15.6 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate accounts. For more information, visit www.tortoiseadvisors.com.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio principally of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.
About Sun Financial, L.L.C.
Sun Financial is a long-term owner and operator of solar power facilities acquiring both new and existing facilities typically under Power Purchase Agreements (“PPA’s”). Sun Financial’s portfolio includes more than 200 solar power facilities making it one of the premier independent power producers in the United States. For more information, visit www.sunfinenergy.com.
About Kenyon Energy, L.L.C.
Kenyon Energy is a leading developer, owner and operator of solar energy projects in the United States. Kenyon Energy takes great pride in providing excellent customer service, while developing cost-effective, turnkey, and creative solar energy solutions for a diverse set of customers, including utilities, municipalities, schools and universities, federal and state government facilities, small and large industrial facilities, and Fortune 500 companies. For more information, visit www.kenyonenergy.com.
About Bay4 Energy Services, LLC
Bay4 Energy is a leading independent renewable energy service organization that provides a comprehensive suite of energy and asset performance management services designed to keep owners, investors, and operators in touch with their renewable assets, while delivering optimized energy production and financial returns. Bay4 is trusted by its partners to manage every aspect of a project or portfolio including asset management, O&M, independent engineering reviews, monitoring, and more. For more information, visit www.bay4.com.