EBSCO Capital Assists CSE with Two Acquisitions
EBSCO Capital and Cherry Street Energy, a leading renewable energy company of EBSCO Industries, closed an agreement with United Renewable Energy (URE) to acquire and operate two solar power plants in Georgia. This strategic move ensures the continued advancement of solar in the state of Georgia as generation and renewable attributes from these plants will be sold to Georgia Power as part of their REDI DG CS and ASI Prime programs. The solar power plants are located in Stephens County and Chattooga County.
The acquisition of these operating solar power plants expands Cherry Street Energy’s capabilities in the markets it serves. The company currently owns, operates, and maintains over 100 solar power systems across the Southeast, providing competitively-priced electricity to customers such as Porsche Cars North America, Gulfstream Aerospace, and the City of Atlanta.
“Continuing to expand our portfolio of operating capacity in our home state of Georgia allows us to further support the system with reliable, renewable power,” said Michael Chanin, CEO of Cherry Street Energy. “These acquisitions enable us to expand our portfolio of solar and battery storage assets, which supports the growing demand for clean, reliable, and affordable electricity. Importantly, we support leading EPCs and developers, like URE, by providing capital to redeploy in new projects and development opportunities.”
“Our business is focused on providing utility-scale solar EPC construction services and development services to our clients. When we decided to sell these operating solar assets to redeploy the capital on our core mission, Cherry Street Energy was the natural choice to acquire them,” said William Silva, CEO of URE. “The process was completed smoothly, on schedule and with great integrity.”
In addition to the two plants from URE, Cherry Street acquired an operating solar asset in Dawson, Georgia, from a private seller earlier in April.
“Our Dawson acquisition provides immediate opportunity to enhance existing infrastructure with state-of-the-art battery storage technology. These reliability and resiliency upgrades will occur alongside existing solar power plants, which makes economic sense and enhances our ability to serve the system with predictable capacity” Chanin said. Cherry Street’s three acquisitions in April underscore the Company’s ongoing effort to invest in the critical infrastructure to support the accelerating growth in the region.
EBSCO Capital is excited to continue to support CSE in their continued expansion and acquisition of solar assets.
For the full press release, please click here.
