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| Wed, 8th Jul 2020 17:35:00 |
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Capital Dynamics and Tenaska Partner on 4.8 Gigawatts of Solar Development |
Capital Dynamics, the Swiss asset manager that is now a heavyweight solar investor, will partner with energy developer Tenaska on a 4.8-gigawatt solar portfolio in the Midwest and the Southeast, the companies announced Wednesday.
The two will work together on developing 24 solar projects expected to come online by 2023, building on a 2018 partnership to cooperatively develop another 14 projects in six Midwestern states.
Capital Dynamics told Greentech Media earlier this year that solar is likely to become increasingly significant for the company due to its stability and economic competitiveness.
"We have historically developed our own projects, but more and more we are seeing demand for our development expertise in the renewable space," said Steve Johnson, senior vice president of Tenaska's Strategic Development and Acquisition Group.
Solar accounts for a growing portion of new generation in the Midwest, where wind turbines have long been the dominant form of renewable power. Solar will make up half or more of new capacity additions through 2025, according to Wood Mackenzie Power & Renewables.
“Solar is expected to see 58 percent compound annual growth rate in [Midcontinent Independent System Operator territory] from 2020 to 2025,” said Colin Smith, a senior solar analyst at WoodMac. “Capital Dynamics is moving into a market [where] they think they can be successful and see a lot of growth.”
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