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Capital Dynamics achieves financial close on 328 MW Mount Signal 3 Solar Project


Private assets manager Capital Dynamics has achieved financial close on a 328 MW solar project in California. The Mount Signal 3 solar photovoltaic project is located in the city of Calexico in California’s Imperial Valley, and is the third phase of the 800 MW Mount Signal Solar Farm, which is among the largest PV projects in the world.

This project was originally acquired in July 2017 from 8minutenergy, which will continue to be the project developer, and is expected to commence operations by 2018 year end.

Financing for Mount Signal 3 included a long-term institutional note funded by AllianzGI and Samsung Asset Management, with the term mirroring the asset’s underlying power purchase agreement. Santander, NordLB and Rabobank participated in various financing roles to support the project’s construction and underwrote the required letters of credit. Capital Dynamics also arranged tax equity financing with a single investment-grade counterparty.

Last week, Capital Dynamics also acquired a 381 MWdc solar project in Monterey County, in California. The California Flats Solar Project is the team’s second acquisition from First Solar, following the acquisition of Moapa Southern Paiute Solar Project in Nevada earlier this year.

“We are pleased to continue building our relationship with all of our financing counterparties,” explained John Breckenridge, Head of Clean Energy Infrastructure at Capital Dynamics. “This project is a meaningful addition to our rapidly growing portfolio.”

Amis, Patel & Brewer, LLP represented Capital Dynamics as legal counsel.

For further information, please contact

Carolin Hirschbiel, Head of Marketing and Communications
+41 41 748 8422

John Breckenridge, Head of Clean Energy Infrastructure
+1 212 798 3406

About Capital Dynamics’ Clean Energy Infrastructure team
Capital Dynamics’ Clean Energy Infrastructure (CEI) Team holds extensive expertise in investing, financing, owning and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this class of real assets, Capital Dynamics’ CEI mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, conventional gas generation and waste gas-fueled power generation – across the globe. Since the establishment of Capital Dynamics’ CEI business, the CEI Team has acquired, built and now manages 3.1 GW of clean energy capacity in North America and Europe.

The information contained in this press release is not to be considered investment advice and shall not constitute an offer to sell or a solicitation of an offer to purchase securities or enter into any agreement with Capital Dynamics.

About Capital Dynamics
Capital Dynamics (the “Firm”) is an independent, global asset manager, investing in private equity as well as clean energy and infrastructure. We are client-focused, tailoring solutions to meet investor requirements. The Firm manages investments through a broad range of products and opportunities including separate account solutions, investment funds and structured private equity products. Capital Dynamics currently has over USD 28 billion in assets under management/advisement1.

Our investment history dates back to 1988. Our senior investment professionals average over 20 years of investing experience across the private equity spectrum.2 We believe our experience and culture of innovation give us superior insight and help us deliver returns for our clients. We invest locally while operating globally from our London, New York, Zug, Tokyo, Hong Kong, San Francisco, Munich, Birmingham, Seoul and Scottsdale offices.

1Capital Dynamics comprises Capital Dynamics Holding AG and its affiliates; assets under management/advisement, as of March 31, 2017 include assets under discretionary management, advisement (non-discretionary), and administration across all Capital Dynamics affiliates. 2Average years of experience held by Capital Dynamics’ Managing Directors and Directors in Investment Management.

This document is provided for informational and/or educational purposes. The opinions expressed are as of August 2017 and may change as subsequent conditions vary. The information herein is not to be considered investment advice and is not intended to substitute for the exercise of professional judgment. Recipients are responsible for determining whether any investment, security or strategy is appropriate or suitable and acknowledge by receipt hereof that neither Capital Dynamics AG nor its affiliates (collectively, “Capital Dynamics”) has made any determination that any recommendation, investment, or strategy is suitable or appropriate for the Recipient’s investment objectives and financial situation. A reference to a particular investment or security by Capital Dynamics is not a recommendation to buy, sell or hold such investment or security, nor is it an offer to sell or a solicitation of an offer to buy such investment or security.
Capital Dynamics may have a financial interest in investments or securities discussed herein or similar investments or securities sponsored by an asset management firm discussed herein.
The information herein has been or may have been provided by a number of sources that Capital Dynamics considers to be reliable, but Capital Dynamics has not separately verified such information. Nothing contained herein shall constitute any representation or warranty and no responsibility or liability is accepted by Capital Dynamics as to the accuracy or completeness of any information supplied herein. Before relying on this information, Capital Dynamics advises the Recipient to perform independent verification of the data and conduct his own analysis hereto with appropriate advisors.

The opinions, beliefs and predictions expressed herein are those of Capital Dynamics. Analyses contained herein are based on assumptions which if altered can change the conclusions reached herein. Capital Dynamics reserves the right to change its opinions or assumptions without notice.

This document has been prepared and issued by Capital Dynamics and/or one of its affiliates. In the United Kingdom, this document has been issued by Capital Dynamics Ltd., which is authorized and regulated by the Financial Conduct Authority. For residents of the UK, this report is only directed at persons who have professional experience in matters relating to investments or who are high net worth persons, as those terms are defined in the Financial Services and Markets Act 2000. In the EU, this document is issued to investors qualifying as professional investors (as that term is defined in the Alternative Investment Fund Managers Directive) by Capital Dynamics Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 9th Floor, 9 Colmore Row, Birmingham, West Midlands, B3 2BJ, Company No. 02215798. In the United States, this document has been issued by Capital Dynamics Inc., a registered investment advisor. Redistribution or reproduction of this document is prohibited without written permission.

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