Investment firm Denham Capital has acquired Solops, a developer, financier and owner/operator of PV solar projects in the commercial and industrial sector throughout the United States.
Under the agreement, Denham will support the growth of the Solops business including execution of more than 800 MW pipeline of project investments with an initial commitment of $200 million. Solops’ distributed generation (DG) solutions support customers in achieving decarbonization goals and simultaneously reduce operating costs.
The business plan is further enhanced by the Inflation Reduction Act (IRA), which is providing a longer runway for incentives in the U.S. renewable power space and further targeting incentives for using domestic products and in low-income communities throughout the United States.
The Solops management team has considerable experience in the commercial and industrial sectors. It has collectively developed and built more than 3 GW of C&I solar across 29 states and closed on financings in excess of $2.1 billion.
“Solops is a great opportunity for Denham Sustainable Infrastructure’s newest fund to help execute on our ‘buy and build’ strategy, where we are supporting the growth of businesses led by industry experts,” said Justin DeAngelis, partner and co-head of sustainable infrastructure at Denham Capital. “We have been supporting global investment in utility-scale solar PV for over 15 years and Solops is our first investment in the distributed generations space, where we see lots of opportunities not only in the U.S. but globally.”
The agreement with Solops is aligned with Denham’s environmental, social and governance (ESG) framework and aims to provide affordable solar energy regardless of whether customers have a roof or land suitable for solar panels.
“Solops maintains an extensive network of tax equity and debt partners for project funding and will provide all of the sponsor investment required for the development, construction and management of its portfolio assets,” said Matthew Rosenblum, CEO and cofounder of Solops. “Under this new ownership, Solops now becomes an independent power producer (IPP) giving it full control over the entire project life cycle in order to implement the Solops best practice policies and procedures which have been highly successful over the past 12 years. As an IPP, Solops can enhance its capability of moving projects through the development cycle in a swift and efficient manner while continuing to provide the historical certainty of success to its development and other partners across the country, a reputation that has set Solops apart from its competitors for over a decade.”
— Solar Builder magazine