Captona Forms Catamaran Renewables, a Joint Venture with South Jersey Industries; Announces 7.5 MW Fuel Cell Portfolio Acquisition in New York

Rhea-AI Summary

Captona has announced a 50/50 joint venture with SJI, named Catamaran Renewables, aimed at developing and operating renewable energy projects. This venture combines over 1.3 GW of operational and over $1 billion of transactional experience in the renewable energy sector. Their first acquisition is a 7.5 MW fuel cell portfolio in Staten Island, New York, currently under construction and expected to generate revenue under New York's VDER program. Captona expresses optimism about leveraging their strengths in the North American renewable energy landscape.

Positive

• Formation of Catamaran Renewables enhances market position in renewable energy.
• First acquisition of a 7.5 MW fuel cell portfolio expands operational capacity.
• Joint venture leverages over 1.3 GW of experience, potentially increasing efficiency.

Negative

• Dependence on New York's VDER program for revenue could pose regulatory risks.

NEW YORK, Aug. 24, 2020 /PRNewswire/ -- Captona, a North America-focused investment company specializing in power generation and energy infrastructure assets, today announced the formation of Catamaran Renewables (Catamaran), a 50/50 joint venture between Captona and SJI (NYSE: SJI) subsidiary Marina Energy, to develop, own and operate renewable energy projects.

The new Catamaran joint venture brings over 1.3 GW of combined operational experience across all types of renewable energy and transactional experience above $1 billion in the renewable energy industry.

The joint venture also announces its first acquisition in the vehicle, a 7.5 MW fuel cell portfolio in Staten Island, New York from NineDot Energy, a renewable energy developer based in the NYU Urban Future Lab cleantech incubator in Brooklyn, NY.

The projects are currently under construction and scheduled to be placed into service this year. All project revenue qualifies under New York's VDER program.

"Captona is thrilled to partner with SJI and leverage our strengths to continue investing in renewables in North America," said Izzet Bensusan, Managing Partner and Founder of Captona. "We are excited about our added competitive edge, now offering a full capital stack and technical know-how in house."

Catamaran Renewables will be an active owner in solar, wind, fuel cell and other clean energy projects. 

Please visit catamaranrenewables.com for more information

About Captona

Captona is a North America-focused 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

FAQ

What is the purpose of the joint venture between Captona and SJI?

The joint venture, named Catamaran Renewables, aims to develop, own, and operate renewable energy projects.

What is the significance of the 7.5 MW fuel cell portfolio acquisition?

This acquisition is Catamaran Renewables' first project and is expected to generate revenue under New York's VDER program.

How much experience does Catamaran Renewables have in the renewable energy sector?

Catamaran Renewables combines over 1.3 GW of operational experience and over $1 billion in transactional experience in the renewable energy industry.

What types of energy projects will Catamaran Renewables focus on?

Catamaran Renewables will engage in solar, wind, fuel cell, and other clean energy projects.