This news is classified in: Sustainable Energy Solar
Mar 13, 2018
Canadian Solar Inc. one of the world's largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has finalized the sale of its interests in three solar photovoltaic projects totaling 235 MWac/309 MWp. The Korea Electric Power Corporation ("KEPCO"), South Korea's largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California.
This transaction marks KEPCO's largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.
"These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio," said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. "We expect further cooperation with Canadian Solar and are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market."
e interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California.
This transaction marks KEPCO's largest investment in the U.S. solar market. KEPCO partnered with the
, to make the acquisition.
"These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio," said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. "We expect further cooperation with
and are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market."
Recurrent Energy developed the three projects, all of which reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role. Additional details on the three projects are available at recurrentenergy.com/portfolio .
"Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend," said
. "The Recurrent Energy team continues to create value through deals with world-class investors that monetize our quality U.S. solar project assets."
BofA Merrill Lynch and Scotiabank Global Banking and Markets acted as financial advisors to Recurrent Energy on the transaction.
. Together with its affiliates and subsidiaries, KEPCO has 79 GW of capacity, which is 75 percent of the total capacity in
in 2016. At the end of 2017, KEPCO is developing and operating 39 energy projects in 24 countries, with total power capacity of 25,153MW (stake: 8,388MW) in overseas business. Additional details are available at http://home.kepco.co.kr .
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of
U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com .
