Captona Announces Third Fuel Cell Acquisition with South Jersey Industries in its Catamaran Renewables JV
Captona has announced the acquisition of a 5 MW fuel cell project, its third, partnering with South Jersey Industries through the Catamaran Renewables joint venture. Located in Bronx, New York, the project is under construction and expected to serve the New York metropolitan area later this year. The acquisition increases Captona's fuel cell portfolio to 12.5 MW. Captona aims to strengthen its energy transition efforts, investing in various sustainable technologies including renewable natural gas and green hydrogen.
- Acquisition increases Captona's fuel cell portfolio to 12.5 MW.
- Strategic partnership with South Jersey Industries enhances market presence.
- Expansion of Asset Management and O&M teams to optimize returns.
- Potential construction delays may affect project timeline.
NEW YORK, June 29, 2021 /PRNewswire/ -- 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
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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SOURCE Captona
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