News

Denham Sustainable Infrastructure announces $200m commitment to distributed solar company Solops

Jersey City, NJ — February 10, 2023 — Denham Capital, the global energy transition investment firm, is pleased to announce it has closed on a purchase agreement with Solops, a premier developer, financier, and owner and operator of photovoltaic solar projects in the commercial and industrial sector throughout the United States.

Under the agreement, Denham has acquired Solops and will support the growth of the business including execution of Solops’ 800+ MW pipeline of project investments with an initial commitment of $200m.  Solops’ distributed generation (“DG”) solutions support customers in achieving decarbonization goals and simultaneously reduce operating costs.  The business plan is further enhanced by the Inflation Reduction Act (“IRA”) which is providing a longer runway for incentives in the US renewable power space and further targeting incentives for utilization of domestic products and in low-income communities throughout the US.

The Solops management team has considerable experience in the commercial and industrial sectors. It has collectively developed and built over 3 GW of C&I solar across 29 states and closed on financings in excess of $2.1bn.

The agreement with Solops is aligned with Denham’s Environmental, Social, and Governance (ESG) framework, and aims to provide affordable solar energy, regardless of whether customers have a roof or land suitable for solar panels.

Justin DeAngelis, Partner and co-head of Sustainable Infrastructure at Denham Capital commented:

“Solops is a great opportunity for Denham Sustainable Infrastructure’s newest fund to help execute on our “buy and build” strategy, where we are supporting the growth of businesses led by industry experts.  We have been supporting global investment in utility scale solar PV for over 15 years and Solops is our first investment in the distributed generations space, where we see lots of opportunities not only in the US but globally.  The Solops team have an impressive track record and we are excited about this partnership with the management team to take Solops to the next level.”

 Matthew Rosenblum, CEO and Co-Founder of Solops, stated:

 “Solops maintains an extensive network of tax equity and debt partners for project funding and will provide all of the sponsor investment required for the development, construction and management of its portfolio assets. Under this new ownership, Solops now becomes an independent power producer (“IPP”) giving it full control over the entire project life cycle in order to implement the Solops best practice policies and procedures which have been highly successful over the past twelve years. As an IPP, Solops can enhance its capability of moving projects through the development cycle in a swift and efficient manner while continuing to provide the historical certainty of success to its development and other partners across the country; a reputation that has set Solops apart from its competitors for over a decade.”

About Denham Capital

Founded in 2004, Denham Capital is a global energy transition investment firm, having raised more than $10bn of capital across multiple sectors. Denham’s Sustainable Infrastructure business specializes in mid-market infrastructure equity and debt investments that are central to enabling a global energy transition. Having first invested in renewable power in 2007, Denham’s diverse investment team and portfolio companies have acquired, developed, built, and exited businesses across the globe for over 15 years. This “business building” focus is core to Denham’s belief that value is created for investors by acquiring and building sustainable infrastructure to help solve the $150tn 2050 net-zero challenge. Denham Capital sponsors entrepreneurs, delivering the financial resources and industry expertise needed to create and grow successful infrastructure and resource businesses. We seek to establish long term partnerships with entrepreneurs and companies who share our vision for growth and value creation. Our firm is built on a foundation of experience, fairness, economic rationale, flexibility and trust, and we bring these values into every opportunity we pursue. We believe our tactical familiarity within our industry sectors along with a disciplined approach centered around fairness and shared success make us an ideal partner.

For more information, visit https://www.denhamcapital.com/

About Solops 

Founded in 2010, Solops is a premier developer, financier, and owner/operator of photovoltaic solar projects in the commercial and industrial sectors (C&I) throughout the United States. The Solops team has collectively developed over 3GW of projects in the C&I sector and closed on financings in excess of $2.1bn. The Company has established relationships and strategic partnerships with industry leading solar integration companies, developers, engineering firms, brokerage houses, private equity funds, hedge funds, large investment banks, and regional lending institutions.

For more information, visit https://www.solops.com/

Contact Details