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Canadian Solar sells 235MW of US solar projects to KEPCO

Published 14 March 2018

Canadian Solar’s subsidiary Recurrent Energy has completed sale of its interests in three solar photovoltaic projects in California, US totaling 235MW to Korea Electric Power (KEPCO).

The South Korean 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.

KEPCO executive vice president and chief global business officer Bong-soo Ha said: “These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio.

“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.”

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.

Canadian Solar chairman and CEO Shawn Qu said: “Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend.

“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.

Source: Company Press Release