Tortoise Capital Advisors Announces Acquisition of Solar Assets
LEAWOOD, Kan. — Tortoise Capital Advisors has announced that its closed-end fund, Tortoise Energy Infrastructure Fund (TYG), has acquired an approximately 33 megawatt commercial and industrial (C&I) solar portfolio from Kenyon Energy and its affiliate Sun Financial. Kenyon Energy is a leading developer, owner and operator of distributed solar projects. These solar projects will provide electricity to various university and municipality customers in the State of New York.
“We view renewable energy as an increasingly critical component of the energy value chain and we have an experienced team focused solely on private renewable energy and infrastructure investments,” said Matthew Sallee, portfolio manager and president of TYG. “We are enthused about this investment in long-lived, stable assets with long-term contracts and high-quality counterparties to generate predictable cash flows and risk/return potential similar to our current MLP investments. Additionally, we believe that our proactive approach to managing taxes through solar investment tax credits will be accretive to our stockholders.”
“We are pleased to partner with Kenyon Energy and its affiliate Sun Financial to develop, construct and operate solar PV projects across the United States,” said Jerry Polacek of Tortoise’s clean energy and infrastructure team. “As a long-term owner of renewable energy assets, we believe there is significant opportunity to capitalize on the unfolding growth trend in the solar energy sector.”
“We look forward to our continuing relationship with Tortoise to develop and finance numerous of our projects,” said Hugh Tarpley of Kenyon Energy.
About Tortoise Capital Advisors, L.L.C.
Tortoise Capital Advisors, L.L.C. is an investment manager specializing in actively managed essential assets investing including the energy value chain. As of Aug. 31, 2017, the adviser had approximately $15.6 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate accounts. For more information, visit www.tortoiseadvisors.com.
About Tortoise Energy Infrastructure Corp.
Tortoise Energy Infrastructure Corp. (NYSE: TYG) owns a portfolio principally of master limited partnership investments in the energy infrastructure sector. Tortoise Energy Infrastructure Corp.’s objective is to provide its stockholders a high level of total return with an emphasis on current distributions.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Forward-Looking Statement
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the funds’ reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
