Adapture Renewables and REC Power Announce Completion of Transaction for 68 MW Operating DG Solar Portfolio
Divestiture of 15 operating PV projects sharpens Adapture's focus on large-scale utility solar development while
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Adapture Renewables, Inc. (“Adapture”), a utility-scale solar and energy storage developer, owner and operator, and REC Power, a nationwide independent power producer, today announced the completion of a transaction involving a nationwide portfolio of fifteen operating distributed generation solar photovoltaic (PV) projects totaling 68 MW (DC). The transaction is a 100% sale of Adapture’s ownership interests in the projects, which REC Power will own and operate going forward.
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The portfolio comprises operating assets across seven states — Montana, Tennessee, Minnesota, North Carolina, Nebraska, Utah, and California. The sale allows Adapture to concentrate its capital and in-house development, EPC management, legal, and project finance capabilities on the larger utility-scale solar and storage projects at the center of its growth strategy. For REC Power, the acquisition adds 68 MW of operating solar capacity and a geographically diverse set of established assets to its existing operating base spanning multiple distributed power technologies.
“This transaction reflects the disciplined way we manage our portfolio. These are well-established performing assets, and REC Power is a strong long-term owner and operator for them. The sale allows us to focus our resources on the larger utility-scale projects that define our pipeline and where we can deliver the greatest impact,” said Christina Conrad, Vice President of M&A, Adapture Renewables.
The acquisition materially expands REC Power’s national operating portfolio beyond 410 MW across 25 states with highly rated PPA counterparties. With nearly 30 years of experience building, financing, owning, and operating distributed power assets, REC Power continues to pursue strategic front-of-the-meter acquisitions that complement its nationwide operating fleet of solar, battery storage, fuel cell and genset resources.
“Adapture has built a portfolio of high-quality operating projects, and these assets complement our existing fleet well in terms of geography, counterparties and long-term value,” said Matt Miller, Chief Investment Officer of REC Power. “This transaction demonstrates our ability to be a trusted partner to asset owners looking to divest high-quality assets as their business strategies evolve. We look forward to building on the operational foundation already in place and continuing to operate these projects reliably for the customers they serve.”
REC Power is owned by ArcLight Capital Partners, a leading infrastructure investor.
Accredant Capital served as exclusive sell-side advisor to Adapture Renewables on the transaction, with Foley & Lardner LLP serving as outside legal counsel. Orrick, Herrington & Sutcliffe LLP served as legal counsel to REC Power in connection with the transaction.
About Adapture Renewables, Inc.
Adapture Renewables, Inc. is a utility-scale solar and energy storage project developer, owner and operator. The company leverages its proven track record, deep domain expertise and comprehensive in-house development, EPC management, legal and project finance services to efficiently and effectively drive projects from origination to long-term operation. Owned by KIRKBI Climate – a private investment firm established by the Kirk Kristiansen family, owners of the LEGO Group and other holdings, to build high-impact businesses that accelerate the energy transition – Adapture Renewables, Inc. has the financial footing necessary to take a diligent and thoughtful approach to project development and is invested in its projects’ long-term success.
About REC Power
REC Power is an independent power producer that finances, owns and operates distributed power assets across the United States. The company delivers distributed power solutions spanning solar, battery storage, fuel cells and gensets, helping customers achieve reliable, resilient energy and greater control. With nearly 30 years of experience and hundreds of assets under ownership nationwide, REC Power brings deep expertise in combining intermittent and dispatchable resources to support the next phase of the power transition.
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