Boston, June 21, 2010 — ArcLight Capital Partners portfolio company, US Solar Ventures Holdings, closed on the sale of certain solar development projects to NRG Solar, a unit of NRG Energy, Inc. representing about 450 MW of capacity.
Founded in 2008, US Solar is a joint venture between affiliates of ArcLight and management.
“The sale to NRG, an established leader in the independent power sector, will facilitate the commercial advancement of these projects,” according to Bob Mooney, principal at US Solar. Bob Looper, principal at US Solar added, “These projects will help meet the growing needs for solar power in the Western United States.”
ArcLight continues to be a leading private equity investor in renewable energy with over $1.5 billion committed to the space across its four funds. According to Dan Revers, ArcLight’s managing partner, “The success of US Solar continues to demonstrate ArcLight’s ability to identify high growth, high return opportunities in renewables.”
ArcLight is one of the world’s leading energy investment firms with more than $6.8 billion under management. ArcLight’s investment team has extensive energy investing experience, industry relationships, and asset level knowledge. ArcLight is headquartered in Boston with offices in New York City, London and Luxembourg.