ForeFront Power Secures Hannon Armstrong Co-Sponsor Equity Financing for 131 MW Portfolio of Distributed Solar and Solar Plus Storage Projects in the United States

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The equity transaction includes several commercial and industrial scale solar power projects located in 10 states

SAN FRANCISCO and ANNAPOLIS, Md., June 8, 2022 /PRNewswire/ — ForeFront Power, a leading developer and asset manager of commercial and industrial scale solar power and storage projects, has partnered with Hannon Armstrong Sustainable Infrastructure Capital, Inc. ( “Hannon Armstrong“) (NYSE: HASI), a leading investor in climate solutions, to create an equity investment platform for shared ownership of a 131 MW portfolio of distributed solar and solar plus storage projects.

The projects in the portfolio are located in 10 states: California, Colorado, Illinois, Iowa, Massachusetts, Michigan, New York, Oregon, Texasand Virginia. Many projects are already complete and activated, while the others are under development and are expected to be activated in 2022. ForeFront Power will continue to manage customer relationships across the portfolio and provide its customers and co- sponsor of ongoing energy asset management services. CohnReznick Capital served as financial advisor to ForeFront Power on the transaction.

“This equity partnership is another indication of the strong market momentum for distributed solar generation in the United States,” said Bryan Eckstein, ForeFront Power Vice President, Project Finance and Business Development. ” In partnership with Hannon Armstrong accelerates ForeFront Power’s development pipeline by providing an additional source of capital for our cost-saving climate change solutions. »

“We are excited to be an equity partner of ForeFront Power and to support the continued expansion of their C&I solar business across the United States,” said Manny Haile-Mariam, by Hannon Armstrong Managing Director, Structured Investments Team Leader. “This high-quality portfolio of behind-the-meter solar projects further diversifies our investments in the distributed generation market, which is critical to reducing carbon emissions and building energy security and resilience at the same time.”

About ForeFront Power

ForeFront Power is a leading North American developer of solar and energy storage solutions for commercial, industrial, utility and community solar customers. The ForeFront Power team has 15 years of experience working together to develop more than 1,300 solar, behind-the-meter and community storage projects, totaling more than 1 gigawatt-DC of renewable electricity. Based at San Franciscowith offices at New York City and Mexico Citythe company offers business, government, education and community solar customers in the United States and Mexico a wide range of development, advisory and asset management services. ForeFront Power is a wholly owned subsidiary of Mitsui & Co. Ltd., a global leader in energy infrastructure and investments with a strong balance sheet and an “A” credit rating from Standard & Poor’s. For more information, visit forefrontpower.com.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company dedicated exclusively to climate solutions investments, providing capital to assets developed by leading companies in energy efficiency, renewable energy and other infrastructure markets durable. With over $9 billion in assets under management, our main objective is to make climate-positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

SOURCEAdvanced Food

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