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March 3, 2021

Adapture Renewables acquires solar project from Hanwha Q Cells in US

Solar developer Adapture Renewables has acquired an 81MW solar project in the US from Korean photovoltaic manufacturer Hanwha Q Cells.

By Umesh Ellichipuram

Solar developer Adapture Renewables has acquired an 81MW solar project in the US from Korean photovoltaic manufacturer Hanwha Q Cells.

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The Rippey Solar project, located in Cooke County, Texas, finished construction in April 2020. The project achieved commercial operation in December.

Hanwha Q Cells USA senior vice-president JK Lee said: “We’re very proud to partner with Adapture Renewables to bring this project to completion.

“The seamless integration between our development, engineering, procurement, construction, and module supply teams facilitated a very efficient transaction during a challenging time in the capital markets due to Covid-19.”

Adapture Renewables financed the project using in-house capital and plans to own and operate the facility in the long-term.

The acquisition of the solar farm brings the company’s solar generation portfolio to 239MW DC across the US, including 95MW DC in Texas.

Adapture Renewables COO Donald Miller said: “We take a deliberate approach to project selection and acquisition, adding only high-quality assets to our growing portfolio.

“The team at Q Cells delivered a first-class facility with the Rippey project, and we’re looking forward to our new role as long-term neighbours, providing renewable energy to Texas consumers.”

The companies have not disclosed financial details of the deal.

In December last year, Q Cells acquired energy storage solutions company Growing Energy Labs.

This company develops a software platform to streamline the energy storage development process with design, automation, and management capabilities.

The deal marks Q Cells’ expansion into the US solar and storage market.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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