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Captona Closes Partnership with Scale Microgrids, Completing Preferred Equity Investment in Portfolio of Microgrid and Community Solar Projects

By News, Press

June 17, 2024 — Today, Captona and Scale Microgrids announce the closing and funding of a portfolio of community solar and microgrid assets in New York and California. This transaction demonstrates Captona’s continued ability to execute on a wide array of energy transition investments.

This latest investment furthers the growth of Captona’s preferred equity strategy and enables Scale, its partner, to optimize the value of their investment tax credits. Each party’s deep expertise in renewable energy financing, as well as Scale’s expertise in the operation of these projects, will enhance the value of Captona’s strategic investment.

“Captona is thrilled to complete yet another investment through our rapidly expanding preferred equity strategy,” said Izzet Bensusan, CEO and Founder of Captona. “This portfolio of microgrids and community solar projects provide reliable, sustainable energy solutions that enhance energy independence and grid resilience. As an energy transition investment firm, we find these asset classes to be a great fit within our existing portfolio of RNG, fuel cells, storage and solar.”

“Captona’s partnership helps Scale unlock value in this portfolio,” said Julian Torres, Chief Investment Officer of Scale Microgrids, “Scale prides itself in delivering cheaper, cleaner and more resilient power to our customers and community stakeholders. By closing this transaction, we have been able to take full advantage of the new opportunities to monetize investment tax credits under Section 6418.”

The projects, which leveraged Scale’s vertically integrated platform to advance from development through construction and financing, have all been placed in service.  Scale will also continue to own, operate and maintain the projects. They include a microgrid that will power a first of its kind off-grid cold storage facility, another microgrid that will provide energy savings and resiliency to a municipal water district in California, and community solar projects that will provide savings to New York utility customers. Captona’s involvement underscores its commitment to supporting innovative energy solutions and expanding its diverse portfolio of renewable energy assets.

Kirkland & Ellis served as counsel for Captona and Allen Overy Shearman served as counsel for Scale Microgrids.

About Captona: Captona is a leading North America-focused investment company dedicated to the Energy Transition and Decarbonization. With a focus on solar, storage, fuel cell, and RNG assets, Captona pioneers innovative investment strategies that align financial returns with positive environmental impact. Headquartered in New York City, Captona manages $2 billion in enterprise value, owning and operating more than 30 projects across North America. Captona’s diverse portfolio of energy transition assets and strategic partnerships empower businesses and communities to embrace clean energy, driving us towards a sustainable future.

About Scale Microgrids: Scale is a vertically-integrated energy company that designs, builds, finances, owns, and operates distributed energy assets that deliver cheaper, cleaner, and more resilient power. Our team accelerates growth in distributed energy by providing financing to project developers, while also directly helping large energy-consuming customers take charge of their energy supply with microgrids that integrate solar, batteries, and other on-site energy assets.

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Captona and UBS Asset Management Close Joint Venture with Innovative Structure for 728MW/1.06GWh Battery Storage Portfolio

By News, Press

May 1, 2024 — Today, Captona and UBS Asset Management’s Real Estate & Private Markets business announce the closing of an investment in a portfolio of four utility-scale battery energy storage (“BESS”) projects in Texas. Previously acquired by UBS Asset Management, the projects total 728 MW and 1.06 GWh. This transaction is the latest demonstration of Captona’s energy transition financing capabilities, and UBS Asset Management’s capital optimization strengths.

This preferred equity investment assists UBS Asset Management in optimizing the value of their tax credits without the need for a traditional tax equity partnership. The transaction builds on each party’s expertise financing clean energy projects, demonstrates the benefit of Captona’s preferred equity investment strategy, and showcases UBS Asset Management’s comprehensive development of the energy storage projects.

“Captona is proud to complete this transaction and grow our energy transition business,” said Izzet Bensusan, CEO and Founder of Captona. “This portfolio of BESS projects is critical to maximizing the potential of renewable energy projects while also ensuring grid reliability as energy demand grows. We are excited to continue investing and originating opportunities in clean energy projects and add to our growing portfolio of solar, BESS, fuel cell, and clean fuels projects.”

“This transaction marks an important step in the advancement of this portfolio,” said Mark Saunders, co-head of Energy Storage Infrastructure, UBS Asset Management “and is the latest in a series of innovative approaches we have developed to maximize value through each step of our projects’ lifecycle.”

The projects range from 100-300MW in nameplate capacity and are slated to come online in 2024. Kirkland & Ellis served as counsel for Captona and its equity partner. Troutman Pepper served as counsel for UBS Asset Management.

About Captona
Captona is a leading North America-focused investment company dedicated to the Energy Transition and Decarbonization. With a focus on solar, storage, fuel cell, and RNG assets, Captona pioneers innovative investment strategies that align financial returns with positive environmental impact. Headquartered in New York City, Captona manages $2 billion in enterprise value, owning and operating more than 30 projects across North America. Captona’s diverse portfolio of energy transition assets and strategic partnerships empower businesses and communities to embrace clean energy, driving us towards a sustainable future.

About UBS Asset Management
UBS Asset Management is a large-scale asset manager with a presence in 23 markets. It offers investment capabilities and investment styles across all major traditional and alternative asset classes to institutions, wholesale intermediaries and wealth management clients around the world. It is a leading fund house in Europe, the largest mutual fund manager in Switzerland, the second largest fund of hedge funds manager and one of the largest real estate investment managers in the world.

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Captona Announces the Acquisition of US’s Largest Food Waste-to-RNG Facility with JV Partner, SJI.

By News, Press

December 20, 2023 —  Captona, SJI, and RNG Energy Solutions today announce their partnership to construct one of the largest food waste-to-renewable natural gas (RNG) projects in the United States. The Linden Renewable Energy (LRE) Project, based in Linden, NJ will convert organic waste into pipeline-quality RNG that can be used for a variety of applications to displace fossil fuels.

The LRE Project will accept a wide range of feedstock, including food waste from industrial, commercial, and institutional entities, as well as grease waste from restaurants and other food service establishments. Anaerobic digestion is a natural process that breaks down waste in the absence of oxygen to produce natural gas and a nutrient-rich material that can be used as fertilizer.

As a result, the LRE Project will convert up to 1,475 tons of waste to produce up to 3,783MMBtu/day of RNG. The LRE Project includes development and construction of multiple off-site food waste pre-processing and depackaging operations in New York City, New York State and New Jersey.

“Captona recognizes this marquee investment in this food waste-to RNG plant in New York City and the New Jersey area as a major milestone in the growth of its Energy Transition Infrastructure portfolio of Fuel Cell, RNG, Solar and Storage projects” said Captona’s Founder and CEO, Izzet Bensusan. “This project will greatly contribute to reducing emissions and upcycling food waste.”

 

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Captona Releases Thought Leadership Piece on Hydrogen

By News, Press

NEW YORKJuly 25, 2022 — Captona’s Managing Partner and Founder, Izzet Bensusan, releases Thought Leadership piece providing an overview and outlook on Hydrogen.

We are excited about the diversity of applications for hydrogen, especially when looking at the global transition to a cleaner energy economy. This article aims to harness our enthusiasm and shares insight into how impactful hydrogen– and emerging development of green hydrogen– will be in the upcoming decades.

Key Article Insights:

  • Currently, hydrogen is used globally as an industrial feedstock, with 98% of hydrogen production coming from fossil fuels
  • Green hydrogen can replace gray hydrogen in current industrial use, provide alternative fuels for the transportation sector, and support the transition to a 100% clean energy grid
  • Clean hydrogen factors into nearly all net-zero carbon pathways, and thirty-nine countries have already established hydrogen strategies
  • A significant capital gap still exists between the current $160 billion in direct investments for the hydrogen supply chain and what’s projected to be needed to reach a net-zero carbon economy by 2050

Captona Acquires Solar and Storage Facility in MA with Partner SJI through Catamaran Renewables JV

By News, Press

NEW YORKMay 19, 2022 /PRNewswire/ — Captona and South Jersey Industries (NYSE: SJI) announce a fourth acquisition through Catamaran Renewables joint venture for a 5.66 MW Solar and 5.2MWh Storage facility in Agawam, Massachusetts. Prior to the acquisition, Catamaran’s portfolio included Solar and Fuel Cell assets. Adding Storage to its portfolio, Catamaran further strengthens its commitment to decarbonization.

Catamaran Renewables acquired the Agawam Solar and Storage project from Consolidated Edison Solutions Inc., an experienced, multi-disciplined, U.S.-based energy services company (ESCO). The facility has qualified for the Massachusetts SMART program – a tariff-based incentive program for eligible solar technology assets – ensuring a strong return on investment as the facility continues to provide clean power to over 100 C&I community subscribers in Western Massachusetts.

With this investment, Catamaran’s portfolio continues to broaden its technology composition and surpass its growth expectation. All projects in the portfolio – located in Massachusetts and New York – serve clean, reliable power to local communities and contribute to the states’ renewable energy targets. Catamaran brings over 1.3 GW of combined operational experience and utilizes Captona’s internal Asset Management & Engineering teams to manage the portfolio’s day-to-day operations.

“Captona’s partnership with South Jersey Industries (NYSE: SJI) continues to push the boundaries of the energy transition as we add new technologies to our fleet. Investments in base-load technologies that promote grid stability and positively impact the community are at the forefront of Captona’s decarbonization mindset,” remarks Izzet Bensusan, Captona’s Managing Partner and Founder. “We are excited for what 2022 has in store for our partnership as Catamaran continues to invest in and grow our Renewable Energy & Clean Fuel portfolio.”

Captona is committed to remaining at the forefront of the energy transition through its investments spanning Solar, Wind, Renewable Natural Gas (RNG), Geothermal, Hydrogen, Biomass and Fuel Cell.

Please visit catamaranrenewables.com for more information.

About Captona

Captona is a North America-focused investment company dedicated to the Energy Transition and Decarbonization. Captona invests in late-stage mid-market Clean & Renewable Energy projects across North America with a focus on Wind, Solar, Fuel Cell, Renewable Natural Gas, and Storage assets. The team differentiates itself through its unique strategies like repowering and drastically improving aging Solar and Wind farms, while preserving land.

Captona Announces Third Fuel Cell Acquisition with South Jersey Industries in its Catamaran Renewables JV

By News, Press

NEW YORK, June 29, 2021 — Captona announces the acquisition of its third fuel cell project, in partnership with South Jersey Industries (NYSE: SJI) subsidiary, Marina Energy, through its Catamaran Renewables joint venture. We continue to be leaders in the global energy transition through our investments in clean, sustainable energy.

This 5 MW late-stage development fuel cell project, located in Bronx, New York, is currently under construction and scheduled to be placed into service later this year. With this investment, Captona’s fuel cell portfolio grows to 12.5 MW, all of which serves clean, sustainable, and reliable power to the New York metropolitan area. Captona is expanding its Asset Management and O&M teams to continue to provide close oversight of its portfolio and optimize returns.

Catamaran Renewables acquired this fuel cell project from NineDot Energy, a renewable energy developer based in the NYU Urban Future Lab cleantech incubator in Brooklyn, NY.

“We are excited to see the very rapid growth of our joint venture, Catamaran Renewables, with South Jersey Industries, whose team continues to be one of Captona’s most trusted partners. With this acquisition, Captona continues to build a diversified power fleet focused on serving and advancing the clean energy transition,” said Izzet Bensusan, Captona’s Managing Partner and Founder. “We are investing in cutting-edge technologies spanning Fuel Cell, Renewable Natural Gas, and Green Hydrogen while continuing to expand capital deployment in maturing sectors like Solar, Wind, and Battery Storage.”

Catamaran brings over 1.3 GW of combined operational experience and has financed over $1 billion in renewable energy transactions. We are committed to remaining at the forefront of the energy transition through our investments spanning technologies, including solar, wind, hydro, geothermal, and fuel cell.
Please visit catamaranrenewables.com for more information.

About Captona

Captona is a North America-focused energy transition investment company specializing in power generation and energy infrastructure assets. The Firm actively pursues risk-adjusted returns from acquisitions of operating and development assets within the North American power sector and aims to create value through technical and financial restructuring.

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Captona Partners LLC.

675 Third Ave, 31st Floor,
New York, NY, 10017

Main: +1 646-461-7444
contact@captona.com