Captona Acquires Solar and Storage Facility in Massachusetts with Partner South Jersey Industries through Catamaran Renewables Joint Venture
NEW YORK, May 19, 2022 /PRNewswire/ -- Captona and South Jersey Industries (NYSE:SJI) announce a fourth acquisition through Catamaran Renewables joint venture for a 5.66 MW Solar and 5.2MWh Storage facility in Agawam, Massachusetts. Prior to the acquisition, Catamaran's portfolio included Solar and Fuel Cell assets. Adding Storage to its portfolio, Catamaran further strengthens its commitment to decarbonization.
Catamaran Renewables acquired the Agawam Solar and Storage project from Consolidated Edison Solutions Inc., an experienced, multi-disciplined, U.S.-based energy services company (ESCO). The facility has qualified for the Massachusetts SMART program – a tariff-based incentive program for eligible solar technology assets – ensuring a strong return on investment as the facility continues to provide clean power to over 100 C&I community subscribers in Western Massachusetts.
With this investment, Catamaran's portfolio continues to broaden its technology composition and surpass its growth expectation. All projects in the portfolio – located in Massachusetts and New York – serve clean, reliable power to local communities and contribute to the states' renewable energy targets. Catamaran brings over 1.3 GW of combined operational experience and utilizes Captona's internal Asset Management & Engineering teams to manage the portfolio's day-to-day operations.
"Captona's partnership with South Jersey Industries (NYSE:SJI) continues to push the boundaries of the energy transition as we add new technologies to our fleet. Investments in base-load technologies that promote grid stability and positively impact the community are at the forefront of Captona's decarbonization mindset," remarks Izzet Bensusan, Captona's Managing Partner and Founder. "We are excited for what 2022 has in store for our partnership as Catamaran continues to invest in and grow our Renewable Energy & Clean Fuel portfolio."
Captona is committed to remaining at the forefront of the energy transition through its investments spanning Solar, Wind, Renewable Natural Gas (RNG), Geothermal, Hydrogen, Biomass and Fuel Cell.
Please visit catamaranrenewables.com for more information.
About Captona
Captona is a North America-focused investment company dedicated to the Energy Transition and Decarbonization. Captona invests in late-stage mid-market Clean & Renewable Energy projects across North America with a focus on Wind, Solar, Fuel Cell, Renewable Natural Gas, and Storage assets. The team differentiates itself through its unique strategies like repowering and drastically improving aging Solar and Wind farms, while preserving land.
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SOURCE Captona