August 11 (Renewables Now) - US real estate and royalties investor Activate Renewables this week said it has closed the acquisition of a portfolio of wind and solar property leases that can support over 115 MW of total renewable energy generation capacity.
The firm has bought the leases from a fund managed by the Infrastructure Opportunities strategy of Ares Management Corp (NYSE:ARES) for an undisclosed amount.
The acquired portfolio includes assets located across three states. They come with long-term power purchase agreements (PPAs) with high-quality off-takers, the buyer said in a statement.
Activate Renewables assists US renewables developers in enhancing their returns and improving capital efficiency by acquiring their land, lease or purchase options. To date, the firm has acquired or signed agreements to fund acquisitions totalling almost 7,000 solar acres and 57 wind turbines.
“This transaction represented an ideal project for Activate, where we could deploy our low-cost, permanent capital to acquire an attractive portfolio,” said Maria Klutey, president of Activate Renewables.