Sea Oak Capital Acquires 10 MW Solar Portfolio from Independence Solar
NEWS PROVIDED BY
Sea Oak Capital, LLC
January 28, 2020, 10:00AM ET
VERO BEACH, FL., January 28, 2020 – Sea Oak Capital, LLC (“Sea Oak”) has completed the acquisition of a 10 MW solar development portfolio from Independence Solar (“Independence”), a developer and installer of turnkey commercial solar energy projects throughout the Northeast. Located in Massachusetts, the solar projects are qualified for community solar under the SMART program.
“We are pleased to announce the addition of another 10 MWs of Massachusetts community solar projects to our rapidly growing solar portfolio,” said Dan Poydenis, Chief Executive Officer of Sea Oak. “We would like to congratulate the Independence team for their professionalism and hard work to make this acquisition happen. We continue to aggressively target additional Massachusetts projects qualified under the SREC and SMART programs in support of our 2021 goal of 100 MWs of operating solar projects under management.”
Sea Oak is a tax-advantaged fund and asset manager specializing in renewable energy investments that can self-monetize the investment tax credits and depreciation benefits generated by such projects. The firm acquires operating and substantially developed solar projects across the United States through a variety of transactional structures. Click here to submit a project opportunity for consideration by a Sea Oak analyst.
“We are excited to partner with Sea Oak on this portfolio of projects that we originated and developed,” said James Schwartz, Chief Executive Officer of Independence. “Both companies are committed to building high quality solar systems so it was a natural fit to team up. We look forward to working with Sea Oak to bring these projects online in the coming year.”