DALLAS--(BUSINESS WIRE)--Sammons Renewable Energy (SRE), a Sammons Enterprises, Inc. company, announced today that it led the equity portion of a $241 million cash equity transaction with SolarCity (SCTY). Franklin Park Investments manages SRE. As part of the deal, SRE is investing in a portfolio of solar projects in 16 states, including 26,000 home residential systems and 19 commercial and industrial solar projects. The financing is non-recourse to SolarCity.
“Solar City represents the caliber of company Sammons Renewable Energy looks to partner with,” said Heather Kreager, Chief Executive Officer of Sammons Enterprises, the parent company of Sammons Renewable Energy. “As Sammons Renewable Energy continues to grow in the renewable energy market, we will pursue partners that have the potential demonstrated by SolarCity in its ten-year history.”
“We are pleased to close this transaction with SolarCity and look forward to additional investments in the North American renewable energy market,” commented Tom Tribone, the Chief Executive Officer of Franklin Park, SRE’s management partner. “Our objective is to partner with strong development companies and to acquire solar, wind and hydroelectric projects either at commencement of construction or project completion.”
Alfa Business Advisers provided tax equity advice to Franklin Park and Orrick, Herrington & Sutcliffe provided legal advice to Franklin Park.
About Sammons Renewable Energy
Sammons Renewable Energy invests in renewable energy projects in the U.S., Canada, and Mexico. The company identifies solar, wind and hydro-related development opportunities over a minimum threshold of $40 million in value. Sammons Renewable Energy is a wholly owned subsidiary of Sammons Enterprises, Inc. Sammons Renewable Energy is managed by Franklin Park Investments.
About Sammons Enterprises
Sammons Enterprises, Inc. is a diverse holding company composed of financial services, industrial equipment, real estate investment, and infrastructure businesses operating in three countries. Headquartered in Dallas, Texas (US), Sammons was established in 1938. With more than $5 billion in annual revenues and $75 billion in assets, it is one of the largest privately held companies in the U.S. For more information, visit sammonsenterprises.com.
About Franklin Park
Franklin Park Investments, http://www.franklinparkinvestments.com, provides energy and infrastructure services in major global markets, including North and South America, Europe and Asia. Franklin Park’s activities include conventional and renewable electricity generation, electric distribution, rail and road transport and supply chain logistics. Franklin Park manages SRE, with an investment focus on wind, solar and hydroelectric generation in North America.
About Alfa Business Advisers
Alfa Business Advisors, LLC, www.alfaba.com, assists project developers, investors and lenders with the purchase and sale, financing and tax equity structuring of power generation assets.