Harrison Street acquires 109.1MW portfolio of solar energy assets
Harrison Street has acquired five portfolios of commercial and industrial solar assets from Ecoplexus, a global developer and owner of renewable energy projects.
The portfolio comprises 101.9 megawatts (MW) of operating solar capacity from Ecoplexus’ Distributed Generation portfolio in California and its Community Solar Garden portfolio in Minnesota. The assets utilise tier 1 technology equipment and will generate 142 million kilowatt hours of solar power for the State of California, and investment grade municipalities, universities, schools, and hospitals under long-term contacts.
Carolyn Arida, Director and Head of Utilities for Harrison Street, says: “Ecoplexus has a fantastic reputation as a developer, engineer and manager of renewable energy solar portfolios. We are pleased to partner with them to deliver enough solar energy to power 12,900 homes and serve the resiliency objectives of hospitals, universities and government users. Harrison Street is committed to investing in mission critical infrastructure assets across the US and we look forward to working with Ecoplexus to contribute to decarbonisation and meet renewable energy needs for California and Minnesota markets.”
"Ecoplexus is very pleased to establish a relationship Harrison Street, one of the leading investment management firms in the renewable energy and infrastructure assets market. The transaction could not have gone more smoothly, and we look forward to continuing to successfully operate the assets for our partnership with Harrison Street," says John Gorman, CEO of Ecoplexus.
Since 2018, Harrison Street has committed nearly USD400 million in equity across investments in wind, solar, power, hydroelectric and district energy. The acquisition expands Harrison Street’s renewable energy portfolio to more than 337 MW with a weighted average contract duration of approximately 16.0 Years.