JLC Infrastructure acquires Greenskies Renewable Energy with plans to rebrand and grow it
Solar Builder | Chris Crowell
January 15, 2020
JLC Infrastructure (JLC) has placed a big investment into Greenskies Renewable Energy, a commercial and industrial solar developer. The Greenskies team will draw on its long track record, deep technical expertise, JLC capital, and JLC’s unique relationships in the municipal sector to build a renewable independent power producer. The transaction will bring some big changes to Greenskies.
Prior investors will be rotated out.
The platform’s expansion in the high-growth C&I and municipal sectors will get a shot in the arm.
JLC formed Greenskies Clean Energy to acquire substantially all of the assets and employees of Greenskies Renewable Energy as part of a rebrand.
The idea behind the rebrand to focus the company on clean-energy solutions, including solar power, battery storage, and emerging technologies, while retaining its long track record and experienced team.
“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.
KeyBanc Capital Markets acted as exclusive financial advisor, and Winston & Strawn LLP served as transaction counsel to JLC Infrastructure on the Greenskies investment.
More on Greenskies
Greenskies and its affiliates bring together a fully-integrated development platform that originates, designs, constructs, finances, owns, and operates solar plus 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 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 U.S. Customers include large retailers, technology companies, municipalities, schools, universities, and electric utilities. In addition to operating successfully completed projects, Greenskies, through its in-house operations and maintenance (“O&M”) group, also provides O&M services to third-party owners of solar facilities.
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.