ForeFront Power, a developer and asset manager of solar energy and storage projects, has partnered with Hannon Armstrong Sustainable Infrastructure Capital, to jointly invest in 131 MW portfolio of distributed solar and solar-plus-storage projects.
The solar power projects are located in 10 states: California, Colorado, Illinois, Iowa, Massachusetts, Michigan, New York, Oregon, Texas, and Virginia. Many of the projects are already completed and energized, while the balance is in development and scheduled for energization in 2022.
ForeFront Power will continue to steward customer relationships across the entire portfolio and provide its customers and co-sponsor with ongoing energy asset management services. CohnReznick Capital served as financial advisor to ForeFront Power on the transaction.
“This equity partnership is another indication of strong market momentum for distributed solar generation in the U.S.,” said Bryan Eckstein, ForeFront Power’s Vice President, Project Finance & Business Development.
“This high-quality portfolio of behind-the-meter solar projects further diversifies our investment in the distributed generation market, which is critical for reducing carbon emissions and strengthening energy security and resilience at the same time,” said Manny Haile-Mariam, Hannon Armstrong’s Managing Director, Structured Investments Team Lead.