Published on December 5th, 2017 | by Joshua S Hill0
Falck Renewables Acquires 92 Megawatt North Carolina Solar Project From Canadian Solar Subsidiary Recurrent Energy
December 5th, 2017 by Joshua S Hill
Italy-based Falck Renewables has this week closed a deal to acquire a 99% stake in a 92 megawatt solar PV project in North Carolina from Canadian Solar subsidiary Recurrent Energy for $43 million.
Announced on Monday, Falck Renewables announced that it closed the sale of a 99% stake from the partnership that owns the Class B membership interest in a 92 MW (megawatt) solar project in North Carolina creatively named IS-42, which reached commercial operation at the end of September and is currently delivering its electricity to Duke Energy Process under a Power Purchase Agreement (PPA). Falck Renewables acquired its 99% stake through its wholly owned subsidiary Falck Renewables IS 42 LLC for $43 million.
“The closing of our first deal in the U.S. energy market represents a major milestone for our team who has been working relentlessly from the beginning of the year on strategic geographic expansion,” said Toni Volpe, chief executive officer of Falck Renewables. “Recurrent Energy has been an outstanding partner on our first opportunity to grow our assets outside Europe.”
“The IS-42 project is Recurrent Energy’s first solar project in the North Carolina market and another example of the company’s ability to grow its U.S. footprint,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “We are very pleased to partner with Falck Renewables on their first project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets.”