Captona Acquires Solar and Storage Facility in Massachusetts with Partner South Jersey Industries through Catamaran Renewables Joint Venture

Rhea-AI Summary

Captona and South Jersey Industries (NYSE: SJI) have expanded their Catamaran Renewables joint venture with the acquisition of a 5.66 MW Solar and 5.2 MWh Storage facility in Agawam, Massachusetts. This strategic acquisition enhances Catamaran's commitment to decarbonization and bolsters its portfolio, which previously included Solar and Fuel Cell assets. The facility qualifies for the Massachusetts SMART program, ensuring a solid return on investment. This move aligns with their goals to provide clean energy to local communities while supporting renewable energy targets in the region.

Positive

• Acquisition of 5.66 MW Solar and 5.2 MWh Storage facility enhances portfolio.
• The project qualifies for Massachusetts SMART program, ensuring strong ROI.
• Broader technology composition supports Catamaran's growth expectations and decarbonization objectives.

Negative

• None.

NEW YORK, May 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's portfolio continues to broaden its technology composition and surpass its growth expectation

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.

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SOURCE Captona

FAQ

What is the purpose of the Catamaran Renewables acquisition?

The acquisition aims to strengthen the clean energy portfolio and commitment to decarbonization.

How much power does the Agawam facility produce?

The Agawam facility produces 5.66 MW of solar power and includes 5.2 MWh of storage.

What incentives does the Agawam project qualify for?

The facility qualifies for the Massachusetts SMART program, a tariff-based incentive for solar technology.

How does this acquisition impact South Jersey Industries (SJI)?

The acquisition expands SJI's involvement in renewable energy and enhances its future growth potential.

Where is the Agawam facility located?

The facility is located in Agawam, Massachusetts.

What technologies are included in Catamaran's portfolio?

Catamaran's portfolio includes Solar, Fuel Cell, and now Storage technologies.