Atlantic Tele-Network (ATN) acquired substantially all of the assets of Green Lake Capital, LLC and certain of its affiliates (collectively, "Green Lake"), an owner and operator of commercial distributed generation solar power systems in Massachusetts, California and New Jersey. ATN acquired these assets as part of a total transaction valued at approximately US$103 million through its newly formed subsidiary, Ahana Renewables, LLC (Ahana). Along with these assets, ATN has retained the management team and staff that developed and operates the Green Lake assets.
Ahana, based in San Francisco, operates 28 commercial solar projects at 59 sites with an aggregate 45.7 MW of electricity generating capacity. ATN currently projects that the acquired portfolio will produce an approximately 10% levered cash-on-cash IRR before additional investments and growth.
“We have investigated solar and other energy solutions as a way to lower power costs or to allow us to build in areas with poor or limited conventional power sources,” said Michael Prior, Chief Executive Officer of the Company. “This transaction provides us with an important growth platform and an entrepreneurial, yet disciplined management team under whose leadership we expect to leverage our initial investment by developing new projects."
ATN and the Ahana management team will together own approximately 97% of Ahana, and its financial results will be consolidated with ATN's results. ATN was advised by Media Venture Partners, LLC, Stoel Rives LLP and McGuireWoods LLP on this transaction.
