Helping drive the growth of solar energy in the US

As global concern over climate change increases, so does the demand for affordable, renewable energy sources. In 2018, 10.6 GW of solar capacity was installed in the US, generating over $US17 billion in investments1. The total PV capacity in the US is expected to more than double by 2024 with an average of 15 GW coming online annually1. This will translate into direct investments of close to $US100 billion.

Over the past decade the Candela Renewables team collectively developed 26 solar projects in six states creating more than 6 GW of renewable energy capacity for some of the world’s largest corporate energy users. Upon launching Candela in June 2018, founders Brian Kunz and Nik Novograd set out to develop the US’ most reliable, cost effective and efficient solar power projects.

Combining decades of sector expertise with flexible capital

Macquarie’s Green Investment Group (GIG) partnered with Candela to create an industry-leading, utility-scale solar development platform. Over the next five years, GIG will back Candela in the strategic deployment of its solar development expertise.

Under a Development Services Agreement, Candela will add to its existing project portfolio by leading the development of more than 1 GW of new energy projects. The partnership aims to create a steady stream of utility-scale renewable assets serving a broad range of clients and industries. Assets created will be sold to utilities across the US with many providing energy to corporations in the form of Power Purchase Agreements.

The arrangement enables us to deploy capital to utility-scale solar developments in the US, leveraging our balance sheet, global scale and capability.

Chris Archer, Head of Green Energy Americas, Macquarie Capital

Maximizing solar and capital efficiency

As a leading team of project developers with deep sector expertise, Candela deploys the most advanced solar technologies to help reduce cost and maximize the efficiency of each project. With over 1 GW of solar energy capacity currently under development, the team is helping expand access to affordable solar energy across the US.

By combining Candela’s expertise, GIG’s global green energy platform and Macquarie’s flexible balance sheet the partnership stands to deliver over 1 GW of renewable energy, enough to power over 200,000 homes across the US2. Together, we’re working to help identify further opportunities to deploy capital, maximize solar efficiency and ultimately accelerate the transition to a greener global economy.

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1. Solar Energy Industry Association, 2019

2. Based on assumptions on capacity factor and consumption per home from US Energy Information Administration

1. Norte III - Project Finance International. 
2. Lennar Multifamily Venture - PERE Magazine. 
3. Global Finance Awards.

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