SRE Acquires 194MW Solar Project Portfolio
OREANDA-NEWS. Sammons Renewable Energy (SRE), a wholly owned subsidiary of Sammons Infrastructure, today announced the acquisition of a 194MW portfolio of solar power plants from Heelstone Energy. As part of the transaction, SRE acquired a 36-project portfolio of operating solar power plants with long-term energy contracts.
“We are pleased to continue the expansion of our portfolio of renewable energy projects with the acquisition of these Heelstone solar assets. Our goal is to grow SRE into a leading renewable energy asset investor, developer, and owner,” said Heather Kreager, Chief Executive Officer of Sammons Enterprises, the parent company of Sammons Infrastructure. “Heelstone represents the type of leading development partner SRE will continue to work with as we grow our business.”
Will Owens, Member of the Board of Managers and Managing Director of Heelstone, said, “We are confident that this solar portfolio has found an ideal long-term home with SRE. Heelstone and SRE worked together to structure this transaction to bring benefit to both companies as they continue on their respective paths to future growth and success.”
The plants included in the portfolio produce enough electricity to power 26,400 average homes and to displace CO2 annual emissions in an amount equivalent to removing 42,500 cars from the road each year.
“The transaction with Heelstone is another step forward in helping SRE become a leading investor in the North American renewable energy market. We look forward to continuing our support of SRE,” commented Tom Tribone, the Chief Executive Officer for Franklin Park. Franklin Park manages the renewable assets for SRE.
Akin Gump Strauss Hauer & Feld provided legal advice, Clean Energy Associates provided engineering advice to SRE, and Marathon Capital advised Heelstone Energy on the sale of the portfolio.
About Sammons Renewable Energy
Sammons Renewable Energy invests in and develops renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Infrastructure, a Sammons Enterprises, Inc. company. Assets owned by Sammons Renewable Energy are managed by Franklin Park Investments.