AIP makes first investment in the US since the opening of New York City office
AIP Management, on behalf of AIP Infrastructure II, is pleased to announce its acquisition of a 60 percent equity interest in a portfolio consisting of two co-located solar photovoltaic (PV) projects (Victory Pass and Arica) coupled with battery energy storage system (BESS) facilities, located in Riverside County, California. In total, the projects have 463 MWac of PV capacity and 186 MW of four-hour BESS capacity. The two projects recently commenced construction and are expected to go into operation late 2023 and early 2024.
The projects are developed and constructed by Clearway Energy Group LLC and its affiliates (collectively “Clearway Energy”), one of the largest renewable energy owners and operators in the United States. Clearway Energy will remain as a minority equity owner and serve as managing member of the projects through its subsidiary Clearway Energy, Inc. Clearway Energy will also provide asset management, operations, and maintenance services to the projects once they are operational.
“Investing in the Victory Pass and Arica projects represents a significant milestone for AIP, since the establishing our NYC office in November 2022. Once operational, the assets will increase our generating capacity in the US to more than 1.9 GW. We are excited to partner with a strong and capable organization like Clearway Energy and hope to add additional projects to the partnership.” says Lasse Helstrup, Investment Director at AIP.
“We’re thrilled to welcome AIP as an investor in two of our largest solar and storage projects,” said Natalie Jackson, Senior Vice President of Capital Markets at Clearway. “AIP’s commitment as an experienced renewables investor validates Clearway’s reputation as a leading developer and experienced manager of clean energy assets in the United States.”
The Victory Pass and Arica projects will have a total expected production of c. 1,500 GWh per year, producing enough electricity to supply the equivalent of 140,000 American households and offset the equivalent of c. 600,000 tons of carbon dioxide each year of operation.
AIP Management
AIP Management is a Danish investment manager dedicated to investing in energy and infrastructure assets in Europe and the United States. To date, AIP has invested more than EUR 4 billion across more than 25 energy transition assets delivering sustainable energy to cover the equivalent of 3.7 million households’ consumption and saving more than 3 million tons of CO2 on an annual basis.
AIP Management has built its renewable energy portfolio in the United States since 2018, consisting of equity ownership and flexible financing solutions investing more than USD 1,300 million across 9 solar PV, onshore wind, and energy storage projects with a combined nameplate capacity of c. 1.9 GW. The strategy of AIP is to form strategic partnerships with renewable energy developers and like-minded investors to source and execute investments and secure long-term operational support. The expectation is to deploy more than USD 1 billion in the coming years. The primary investment focus will continue to be utility-scale renewable energy and energy storage projects.
For more information, please visit www.aipmanagement.dk.
Clearway Energy Group
Clearway Energy Group is leading the transition to a world powered by clean energy. Along with our public affiliate Clearway Energy, Inc., we own and operate more than 8 gigawatts of renewable and conventional energy assets across the country. As we develop a nationwide pipeline of new renewable energy projects for one future, Clearway’s 6.9 gigawatts of operating wind, solar, and energy storage assets offset the equivalent of more than 10.5 million metric tons of carbon emissions for our customers today. Clearway Energy Group is headquartered in San Francisco with offices in Carlsbad, California; Scottsdale, Arizona; Houston; and Princeton, N.J. For more information, visit clearwayenergygroup.com.