JLC Infrastructure acquires and rebrands Greenskies Renewable Energy
Solar Power World | Billy Ludt
January 13, 2020
Greenskies Renewable Energy, a developer of commercial and industrial solar power facilities, has successfully completed a transaction that brings JLC Infrastructure in to accelerate the platform’s expansion in the high-growth C&I and municipal sectors.
As part of the transaction, JLC formed Greenskies Clean Energy to acquire substantially all of Greenskies Renewable Energy’s assets and employees. After the rebranding, the company will continue to focus on clean-energy solutions, including solar power, battery storage, and emerging technologies, while retaining its track record and team.
Greenskies and its affiliates bring together a fully-integrated development platform that originates, designs, constructs, finances, owns and operates solar + storage projects. Greenskies controls an attractive portfolio of over 100 MW of contracted solar projects to be completed over the next 18 months and a pipeline of more than 500 MW in various stages of development.
“The opportunity to invest in C&I clean energy infrastructure at this scale and growth rate is tremendous and we look forward to providing Greenskies with the capital support needed to deliver low-cost renewable energy solutions to new and existing commercial, municipal and utility customers,” said Andrew Kim, managing director of JLC Infrastructure and head of Sustainable Energy and Utilities.
The Greenskies team has delivered over 350 MW of rooftop, carport and ground-mount solar projects, ranging in size from 100 kW to over 80 MW, in 19 states across the United States. Customers include large retailers, technology companies, municipalities, schools, universities and electric utilities.
In addition to operating successfully completed projects, Greenskies, through its in-house O&M group, also provides those services to third-party owners of solar facilities.
“We are excited to partner with JLC, an investor with deep experience in and commitment to renewable energy, who will provide Greenskies with the capital necessary to continue providing top-tier service to our existing customers and expand the company’s development capabilities in our next phase of growth,” said Stanley Chin, CEO of Greenskies.
With the investment in Greenskies, JLC adds to its portfolio of behind-the-meter investments which also includes small-scale utility and energy efficiency projects developed by Sustainability Partners. Sustainability Partners oversees the design, procurement, financing, management and maintenance of new infrastructure and upgrades, focused on serving municipal, university, school, hospital (MUSH), and other public customers.
“We look forward to supporting Greenskies and Sustainability Partners in their efforts to offer sustainable and reliable energy products to commercial and municipal customers, large and small, in line with our commitment to investing in communities they serve,” said Rob Keough, head of investments at JLC Infrastructure.