American Wind Capital Company (AWCC) has been sold to Hannon Armstrong Capital LLC for $106,650,000. AWCC was founded in 2008, and quickly became the national leader in the renewable asset acquisition business. AWCC specializes in the business of purchasing recurring ground rents, project real estate, operating projects and making investments in renewable energy projects.
AWCC currently owns leases on more than 40 projects, representing more than 1,000 MWs of solar and wind generating capacity located in 14 US states. These leases produce long-term, stable, contracted cash flows that are senior in priority. While monetizing wind lease payments has been occurring for some time, separating the underlying land from solar projects is a relatively new concept, and one that brings significant, accretive benefit to the solar asset owner. Contemporaneously with the sale, Hannon Armstrong entered into a mutually exclusive agreement with AWCC Capital, which is made up of the AWCC management team, to continue to originate solar and wind related real estate transactions. AWCC has a significant pipeline of future transactions and anticipates strong future growth in association with its new ownership.
This deal seems to be win for all parties involved. The current experienced management team will stay in place plus they will have better access to capital thanks to new parent company Hannon Armstrong.
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