Independent asset management firm Capital Dynamics’s Clean Energy Infrastructure (CEI) has signed an agreement for 32% and 25% equity participation in two Imperial Valley, California-based solar power plants – CSolar South and West, respectively.

In total, the two solar power plants in the Imperial Valley have a combined capacity of 354 MWdc.

Capital Dynamics has acquired these CSolar interests from Tenaska after securing a long-term power purchase agreement (PPA) with a California-based utility business.

Tenaska is an independent power producer in the US.

Capital Dynamics has partnered with Hanwha Asset Management for the acquisition of the interests.

Capital Dynamics Clean Energy Infrastructure business head John Breckenridge said: “This agreement continues our investment momentum and reinforces our strategy of identifying high quality investment opportunities.

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“Tenaska is a key business relationship and we are delighted with the completion of this transaction. As one of the largest owners of renewable power projects in the US, we remain committed to our institutional partners and dedicated to execution excellence.”

Earlier this month, the firm has also signed another definitive agreement for the acquisition of all the shares of Advanced Capital SGR.

Established in 2004, Advanced Capital SGR manages generalist private equity as well as real estate and energy fund-of-funds. Anticipated to be closed in the third quarter of this year, the transaction is subject to closing conditions and approval by regulatory authorities.

The Capital Dynamics Clean Energy Infrastructure team has invested in over 1.5GW of solar projects in 2017 and is the second-largest solar portfolio manager in the US.

Capital Dynamics was founded in 1999 and is headquartered in Zug, Switzerland. It focuses on private assets including private equity, private credit and clean energy infrastructure.