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.
Country news
-
-
March 13, 2020
300 MW offshore wind project acquisition in USA
ALLETE Clean Energy has acquired the 300 MW Caddo wind project in Oklahoma, USA from Apex Clean Energy, including plans to sell energy to three Fortune 500 corporate customers.
Read more -
March 06, 2020
WEC increases its stake in 750MW USA wind portfolio to 90%
WEC Energy Group has agreed to increase its ownership interest from 80% to 90% in 750 MW USA Midwest wind portfolio: 250 MW Blooming Grove Wind Farm in Illinois; 300 MW Thunderhead Wind Energy Center and the 200 MW Upstream Wind Energy Center both located in Nebraska. The total investment is US$118 million for an additional 75 megawatts of capacity from Invenergy.
Read more -
March 05, 2020
Construction starts on one of the largest solar parks in the world
CIM Group has launched the construction of Westlands Solar Park (WSP), one of the largest permitted solar parks in the world that could grow to more than 2,700 megawatts (2.7 gigawatts) of renewable energy potential at full buildout, which could provide clean energy to more than 1,200,000 homes.
Read more -
February 21, 2020
Energy Summit to welcome 370 investors and public and private stakeholders in Miami
The 6th Powering Africa: Summit at the JW Marriott Hotel in Miami will host over 300 investors and public and private stakeholders across Africa’s energy sector.
Read more -
February 21, 2020
EDPR completes construction of its 205MW wind farm in USA
Construction has been completed at EDP Renewables’ (EDPR) Bright Stalk Wind Farm, a 205 MW onshore wind project located northeast of Bloomington-Normal in McLean County, Illinois.
Read more
