Canadian Solar Subsidiary Closes Sale of North Carolina Project

PC: Canadian Solar

Canadian Solar has announced that its wholly-owned subsidiary Recurrent Energy has closed the sale of a North Carolina solar project to NextEnergy Capital.

Canadian Solar has announced that its wholly-owned subsidiary Recurrent Energy has closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 74.8 MWac/102 MWp NC 102 solar photovoltaic (PV) project, located in Cabarrus County, North Carolina, to NextEnergy Capital.

NextEnergy Capital indirectly acquired 99 percent of the interests through NextPower III, its third institutional solar fund. In May 2018, Recurrent Energy secured the debt and tax equity financing for the project from Prudential Capital Group and U.S. Bancorp Community Development Corporation.

The North Carolina project, which reached commercial operation at the end of September 2018, is one of the largest operating solar projects in North Carolina.  The project has a power purchase agreement (PPA) with Duke Energy Carolinas and generates enough clean solar power to meet the energy needs of approximately 12,000 homes. 

“The NC 102 project is Recurrent Energy’s second 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 NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets.”

Canadian Solar expects to recognise the revenue from the transaction in the fourth quarter of 2019.

In June, Recurrent Energy announced the signing of a 15-year PPA with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project in Texas.

Earlier this month, Canadian Solar had announced that it has sold 49 percent interest in three solar photovoltaic projects in Mexico totalling 370 MWp (294 MWac) to Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utility, and Sprott Korea, a leading fund manager (Sprott).

KEPCO and Sprott acquired the interests in the Horus (119 MWp), Tastiota (125 MWp) and El Mayo (126 MWp) projects located in the states of Aguascalientes and Sonora. Under the agreement, the two firms will acquire Canadian Solar‘s remaining interest in the projects following their commercial operation date.