Glidepath Ventures Sells Solar Project Portfolio Worth 887.5 MW

By Ayush Verma/ Updated On Thu, Mar 5th, 2020

Glidepath Ventures has announced the sale of an 887.5 MW dc portfolio of early-stage utility-scale solar projects in the PJM Interconnection

(Allen J. Schaben / Los Angeles Times)

Glidepath Ventures has announced the sale of an 887.5 MW dc portfolio of early-stage utility-scale solar projects in the regional transmission area PJM Interconnection (PJM) to a leading clean energy-focused development and investment firm. Terms of the transaction, however, have not been disclosed.

The firm originated and developed the regionally clustered utility-scale projects in 2019. The projects are expected to achieve commercial operations in 2022.

“Glidepath was founded in 2017 to create a highly scalable and efficient approach to the origination and development of renewable energy projects. This transaction underscores the success of our scaled origination platform, which we are now deploying with similar success in multiple markets across the United States,” said Carl Jackson, a Partner of Glidepath Ventures.

This transaction follows the recent announcement of a 278 MW dc investment by Grasshopper Solar in Glidepath’s solar portfolio, bringing their total portfolio in Pennsylvania to more than 1 GW dc. Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania.

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.

“We’re very pleased to have placed this utility-scale project portfolio with a strong, capable developer who can carry these projects forward,” said Charles Silio, a Partner of Glidepath Ventures. “Going forward, Glidepath will continue to build on our portfolio of more than 2 GW of early- and mid-stage solar energy projects and to engage with best-in-class financial and operational partners.”

Recently, we had reported that US-based First Solar had announced that Longroad Energy is the acquirer of its four solar projects with a combined capacity of 160-megawatts (MW) in California.