PureSky Energy Announces Conversion of 54.5 MWdc Solar Portfolio with 7.4 MWh Energy Storage
Denver, February 25, 2025 – PureSky Energy, a prominent player in sustainable energy solutions and independent power producer, has announced the successful term conversion of a 54.5 MWdc solar portfolio coupled with 7.4 MWh of DC-coupled energy storage. This significant milestone, valued at over $150 million, marks a major achievement for PureSky Energy as its largest portfolio to date.
The portfolio, which includes 12 solar projects across New York and Massachusetts, underscores PureSky Energy’s commitment to delivering high-quality renewable energy solutions. It represents a strategic shift from the company’s previous focus on acquiring solar projects primarily through mergers and acquisitions (M&A) to increasing greenfield development. This approach ensures consistent quality and reliability in its expanding portfolio while maintaining a balance between acquisitions and greenfield development.
Project Highlights
The Massachusetts projects, Cotuit and Three Rivers, are greenfield developments totaling 8.9 MWdc and feature the entirety of the portfolio’s energy storage capacity. The New York projects, comprised of sites acquired from Omni Navitas and EDF Renewables, illustrate PureSky Energy’s diversified approach to solar project acquisition and development.
Partnerships and Collaboration
U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, acted as the tax equity investor, and KeyBanc Capital Markets served as the lead debt arranger. CS Energy and EDF Renewables oversaw the construction of the majority of the New York projects, while Dynamic Energy built the Massachusetts projects, and Empyrean, a subsidiary of PureSky Energy, managed procurement and equipment supply, and served as the contractor for the battery energy storage system (BESS).
Impact on Communities and the Environment
The successful conversion of this portfolio enables PureSky Energy to continue delivering renewable energy solutions that exceed industry standards and reinvest in initiatives that drive sustainable energy growth. This not only benefits local communities and the environment but also sets the stage for further expansion of the company’s solar portfolios.
Impact on Individuals
As a consumer, this development signifies an ongoing commitment by energy companies to invest in clean, renewable energy sources. The successful conversion of PureSky Energy’s portfolio will lead to the creation of new jobs in the solar industry and the expansion of renewable energy infrastructure. Additionally, it may lead to more affordable renewable energy options becoming available to consumers as the industry continues to grow and evolve.
Impact on the World
On a global scale, this milestone marks a significant step towards reducing greenhouse gas emissions and transitioning to a more sustainable energy future. The successful conversion of PureSky Energy’s portfolio is an example for other companies to follow, demonstrating the viability of renewable energy and the importance of collaboration between various stakeholders in the energy sector.
Conclusion
PureSky Energy’s successful conversion of its largest solar portfolio to date is a testament to the company’s dedication to advancing renewable energy development through a robust strategy that balances acquisitions and greenfield development. This achievement not only underscores the company’s commitment to delivering high-quality renewable energy solutions but also sets the stage for further expansion and innovation in the renewable energy sector. The collaboration between various stakeholders in the energy industry, including financial institutions, construction companies, and technology providers, highlights the importance of partnerships in driving sustainable energy growth and creating a cleaner, more sustainable future for all.
