Novatus Energy acquires 156-MW Comanche Solar project

Novatus Energy, a North American renewable energy company, has announced the acquisition of the 156 MW Comanche photovoltaic solar project in Pueblo County, CO from SunEdison LLC and Wells Fargo.

The Comanche solar power plant is the largest solar facility in Colorado, producing more than 300 GWh of energy annually, enough to power approximately 30,000 Colorado homes.  The solar power plant will avoid the emission of more than 569 million pounds of carbon dioxide, the equivalent of taking more than 54,000 passenger vehicles off the road.

The project, which began commercial operations in September, 2016, has a 25-year power purchase agreement (PPA) in place with Public Service of Colorado, a subsidiary of Xcel Energy.  The PPA was awarded as part of an open solicitation where the Comanche solar project was selected as a preferred provider to other competitive forms of energy, including natural gas.

The acquisition represents the continued expansion and diversification of Novatus Energy’s utility-scale wind and solar operating portfolio, which at present includes 7 wind projects and a portfolio of 25 solar PV projects. With this acquisition, the portfolio has a total installed capacity of 1,586 MW and spans across 11 states and 5 regional transmission organizations in the US.

Novatus Energy is wholly owned by institutional investors advised by J.P. Morgan Asset Management. 

Milbank, Tweed, Hadley & McCloy LLP advised J.P. Morgan Asset Management – Global Real Assets and Novatus in the acquisition

Steve Doyon, CEO of Novatus Energy, commented:

“We are very pleased to bring the Comanche solar project into our operational portfolio.  The Comanche acquisition adds a high-quality asset with long-term stable cash flows, a reputable offtaker, robust technology, and a permanent capital structure.  We look forward to continuing to expand our portfolio with similar high-quality acquisitions in the near future”.