AIP Management, a leading investor in diversified decarbonisation infrastructure, has entered into an agreement to acquire a 49.99% equity stake in Pine Forest, a co-located 300 MWac solar photovoltaics (PV) and 200 MW battery energy storage system (BESS) project, from Clearway Energy Group.
The total investment is approximately US$200 million.
Pine Forest is strategically located in the ERCOT North market region. It offers access to a low-congestion, high-voltage transmission network and proximity to densely populated load centres in Dallas and Fort Worth. The project is currently under construction and commencement of operations is scheduled for late 4Q25.
Clearway Energy Inc. is one of the largest utility-scale renewable energy and storage developers in the US and will continue to provide long-term operations and maintenance oversight as well as asset management services, reinforcing a strong partnership with AIP. Clearway will retain a 50.01% equity stake in the project. This follows AIP’s collaboration with Clearway on Victory Pass & Arica, a co-located solar PV and BESS project in California signed in 2022.
The Pine Forest solar PV capacity will be fully contracted through long-term virtual power purchase agreements with investment-grade corporate offtakers. The BESS will participate in ERCOT’s wholesale energy and ancillary services markets, optimising revenue opportunities while improving grid stability.
Domenico Tripodi, Partner and Co-Head of Investments of AIP, responded: “Pine Forest represents a compelling investment, combining long-term contracted solar revenue with merchant battery storage exposure. A repeat partnership with Clearway, in a project with strong counterparties and diversified revenue streams, align with our strategy to invest in infrastructure that supports the decarbonisation of energy systems while offering good, risk-adjusted returns.”
The fundamentals-driven approach, backed by rigorous analysis and deep expertise in the US energy market, allows AIP to identify opportunities with strong risk-adjusted returns. This co-located solar and storage project exemplifies its strategy of investing in resilient, high-quality assets with diversified revenue streams that can perform across market cycles.
The investment is structured to ensure resilience through construction and is fully unlevered, avoiding financing risks and securing an attractive cash yield. The completion of the transaction is expected to close in late 2Q25.
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Read the article online at: https://www.energyglobal.com/solar/01042025/aip-management-to-acquire-stake-in-us-solar-and-energy-storage-project/
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