Grasshopper Solar to invest more than $300m in solar portfolio in USA
Grasshopper Solar, a global developer and asset owner headquartered in Canada, has announced the acquisition of a 278 MWdc portfolio of solar projects in Pennsylvania from Glidepath Ventures. Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania. The company is expected to invest more than USD 300 million in the portfolio.
Glidepath Ventures originated the distributed generation portfolio totaling 12 projects between 2017-2019 and under the transaction will complete development, interconnection and permitting with anticipated commercial operation dates in 2020, 2021, and 2022. Grasshopper Solar will be the long-term owner-operator and will lead power marketing; funding, including equity, debt and tax equity; engineering, procurement and construction; and operations.
"Since 2017 Glidepath Ventures has developed more than 2GW of early-stage project opportunities in PJM and other burgeoning markets," said Geoffrey S. Underwood, a Partner of Glidepath Ventures. "Glidepath is pleased to leverage its scaled-origination platform with Grasshopper Solar."
"Grasshopper Solar is a global company that has successfully developed, owns and operates significant portfolios of solar energy projects in various markets around the world," said Jonathan Persaud, Grasshopper Solar's Chief Development Officer. "Part of our investment strategy in the United States is to continue expanding into markets with local partnerships to further promote the development of renewable energy in these jurisdictions. We are excited to be entering the PJM market, which we believe has stable characteristics for ongoing solar development. These projects will provide environmental and economic benefits while promoting more job opportunities for the American people in the state of Pennsylvania."
Redwood Energy served as a financial advisor on the transaction. Orrick served as a legal advisor to Grasshopper Solar. Greene Hurlocker served as a legal advisor to Glidepath Ventures.
