Sea Oak Capital Acquires 4.8 MW Solar Project from Renewable Energy International and PFALZSOLAR
NEWS PROVIDED BY
Sea Oak Capital, LLC
September 19, 2019, 10:00AM ET
VERO BEACH, FL., September 19, 2019 – Sea Oak Capital, LLC (“Sea Oak”) has completed the acquisition of a 4.8 MW solar development asset from Renewable Energy International (“REI”) and Pfalzsolar Inc. (“Pfalz”). Located in Attleboro, Massachusetts, the greenfield community solar project is qualified under the SMART program.
“We are pleased to announce the addition of another Massachusetts project to our rapidly growing community solar portfolio,” said Dan Poydenis, Chief Executive Officer of Sea Oak. “We would like to congratulate and thank REI, Pfalz and Open Energy for their professionalism and hard work to make this acquisition happen. We continue to aggressively target additional projects in the SMART program in support of our 2021 goal of 100MW of operating solar projects under management.”
Sea Oak is a tax-advantaged fund 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 or to schedule a meeting with a Sea Oak representative at Solar Power International.
“It is an honor to contribute to the SMART program as part of the aggressive strategy by the Commonwealth of Massachusetts to promote clean energy at the expense of carbon emitting technologies. We would like to thank our partners PfalzSolar and our advisors at Open Energy for their strong support and significant efforts.” said Jeff Potter, Chief Executive Officer of REI. REI is a leading solar developer specializing in the development and design of large- scale ground mounted solar projects in Massachusetts, Florida and South Carolina, with early stage projects advancing in several other states.
“We were pleased to support REI through a formal NTP asset sale process,” said Graham Smith, CEO of Open Energy Group Inc, financial consultant for Renewable Energy International. “In Sea Oak they found a quality partner committed to a high standard of execution.” Open Energy empowers developers, EPCs and asset owners to easily and efficiently access the capital markets to find the best-fit lenders, investors, and partners.