SunEast Development LLC (“SunEast”), a leading developer of solar-generating projects, is pleased to announce the closing of a development capital raise from New Energy Capital Partners, LLC (“NEC”).1
The capital funding will support the continued development of a 105 MWAC solar portfolio acquired by SunEast in June 2018, and further accelerate the company’s solar development and acquisition efforts in the eastern United States.
“We were looking for an investor that shared our strategic vision for the U.S. solar markets, and we found that in NEC,” said Tom Swank, President of SunEast. “We are excited for the opportunity to utilize NEC’s investment to continue to expand SunEast’s efforts to develop clean, affordable, renewable energy projects.”
“SunEast’s strong track record of developing solar projects at scale aligns well with NEC’s strategy of investing in small and mid-sized clean energy infrastructure in the U.S.,” said Ian Marcus, Principal of NEC. “We are pleased to partner with SunEast on the next phase of its growth.”
Whitehall & Company LLC served as financial advisor to SunEast on the transaction. Foley & Lardner LLP and Rath, Young and Pignatelli served as legal advisors to SunEast and NEC, respectively. Download Full Press Release
1 New Energy Capital Partners, LLC (“NEC”) was acquired by Victory Capital Management Inc. on November 1, 2021. At that time, Victory Capital Management Inc. assumed the investment advisory activities of NEC.