NEW YORK,
May 1,
2024 /PRNewswire/ -- Today, Captona and UBS Asset
Management's Real Estate & Private Markets business announce
the closing of an investment in a portfolio of four utility-scale
battery energy storage ("BESS") projects in Texas. Previously acquired by UBS Asset
Management, the projects total 728 MW and 1.06 GWh. This
transaction is the latest demonstration of Captona's energy
transition financing capabilities, and UBS Asset Management's
capital optimization strengths.
This preferred equity investment assists UBS
Asset Management in optimizing the value of their tax credits
without the need for a traditional tax equity partnership. The
transaction builds on each party's expertise financing clean energy
projects, demonstrates the benefit of Captona's preferred equity
investment strategy, and showcases UBS Asset Management's
comprehensive development of the energy storage projects.
"Captona is proud to complete this transaction
and grow our energy transition business," said Izzet Bensusan, CEO and Founder of Captona.
"This portfolio of BESS projects is critical to maximizing the
potential of renewable energy projects while also ensuring grid
reliability as energy demand grows. We are excited to continue
investing and originating opportunities in clean energy projects
and add to our growing portfolio of solar, BESS, fuel cell, and
clean fuels projects."
"This transaction marks an important step in the
advancement of this portfolio," said Mark
Saunders, co-head of Energy Storage Infrastructure, UBS
Asset Management "and is the latest in a series of innovative
approaches we have developed to maximize value through each step of
our projects' lifecycle."
The projects range from 100-300MW in nameplate
capacity and are slated to come online in 2024. Kirkland &
Ellis served as counsel for Captona and its equity partner.
Troutman Pepper served as counsel
for UBS Asset Management.
About Captona
Captona is a leading
North America-focused investment
company dedicated to the Energy Transition and Decarbonization.
With a focus on solar, storage, fuel cell, and RNG assets, Captona
pioneers innovative investment strategies that align financial
returns with positive environmental impact. Headquartered in
New York City, Captona manages
$2 billion in enterprise value,
owning and operating more than 30 projects across North America. Captona's diverse portfolio of
energy transition assets and strategic partnerships empower
businesses and communities to embrace clean energy, driving us
towards a sustainable future.
About UBS Asset Management
UBS Asset
Management is a large-scale asset manager with a presence in 23
markets. It offers investment capabilities and investment styles
across all major traditional and alternative asset classes to
institutions, wholesale intermediaries and wealth management
clients around the world. It is a leading fund house in
Europe, the largest mutual fund
manager in Switzerland, the second
largest fund of hedge funds manager and one of the largest real
estate investment managers in the world.
CONTACT: sarah@captona.com
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SOURCE Captona