CleanCapital buys renewable energy developer BQ Energy

• BQE develops community solar, commercial & industrial solar, and utility-scale solar assets on landfills and retired industrial sites
• To date, CleanCapital has acquired and managed 200 projects in 24 states
• Marathon Capital acted as buy-side advisor to CleanCapital on the transaction

CleanCapital has acquired renewable energy developer BQ Energy. No financial terms were disclosed.

CleanCapital will fund the development of projects in BQE’s  long-term pipeline.

The acquisition of BQE includes a pipeline of late-stage development solar projects totaling over 300 MW and mid-stage development solar projects totaling more than 700 MW. BQE develops community solar, commercial & industrial solar, and utility-scale solar assets on landfills and retired industrial sites.

“CleanCapital prides itself in leading the investment community into new clean energy segments,” said Thomas Byrne, CEO of CleanCapital, in a statement. ”BQE finds land left in environmental disrepair and gives it new life with on-site clean energy projects, doubling the climate-related impact of these assets. We are excited to welcome their exceptional team into the CleanCapital family.”

This acquisition, along with a 65 MW acquisition announced in February, is part of a series of investments that followed CleanCapital’s $300 million commitment from Manulife announced last year. To date, CleanCapital has acquired and managed 200 projects in 24 states totaling more than 300 MW. Its cumulative acquisitions total more than $800 million.

CleanCapital engaged Kirkland & Ellis LLP as buyer’s counsel on this transaction. BQ Energy was represented by McDermott Will & Emery LLP.

Marathon Capital acted as buy-side advisor to CleanCapital on the transaction. Plexus Solutions advised BQ Energy on the transaction.

Founded in 2015, CleanCapital is a clean energy investment platform.

BQ Energy was founded in 2002.