Global private asset management company Capital Dynamics has completed the sale of a majority interest in its almost 108MW Beacon solar portfolio in the US state of California to TortoiseEcofin and S&B USA Energy.

Each buyer has acquired a 49.5% ownership of the portfolio with Capital Dynamics retaining a minority stake of 1%.

The 107.8MW Beacon portfolio consists of two projects – the 59.6MW Beacon 2 and 48.2MW Beacon 5 developments – located in Kern County.

Both sites interconnect and sell power to the Los Angeles Department of Water and Power under two 25-year fixed rate Power Purchase Agreements.

No details of the price of the deal have been disclosed.

The assets were acquired from SunEdison during the first quarter of 2016 and achieved commercial operations in fourth quarter of 2017.

Arevon Asset Management will continue to oversee operations of the portfolio on a day-to-day basis.

Capital Dynamics principal of clean energy infrastructure Kathryn Carpenter said: “After bringing the Beacon portfolio through final development and operations, it is well positioned to provide stable cash yields to TortoiseEcofin and Shikun & Binui America.

“We look forward to having our fully integrated asset management affiliate continue to oversee the portfolio, as we deliver a strategic monetization on behalf of a long-term investor.”

Shikun & Binui America chief executive Sharon Novak said: “As a leading business group, Shikun & Binui’s corporate vision is to create advanced and sustainable living environments in Israel and around the world for the present, and for generations to come.

Shikun & Binui America initiated its US energy activity in March of 2020 and is excited to have its first solar assets here.

“This builds upon our international experience in energy development of approximately 2GW of assets already connected to the grid as well as other assets under development.”

Ecofin private sustainable infrastructure team head Jerry Polacek said: “We are pleased to be investing in this proven utility scale solar operating portfolio that generates 100% of its revenue under contract with an investment grade rated utility.

“This acquisition closely aligns with our investors’ desire for sustainable dividends and attractive returns.”