Renewable energy firm BluEarth Renewables US has purchased a 1GW wind and solar development project in Colorado from NorthRenew Energy for an undisclosed sum.
The Eads Wind and Solar Project is located in Kiowa and Cheyenne Counties and is expected to be completed in multiple phases.
BluEarth president and CEO Grant Arnold said: “We look forward to entering the Colorado market with this project, which fits very well with our full life-cycle approach, taking projects from development to operations.
“The team at NorthRenew has been excellent to work with and has a long track record of successful developments. We are pleased to complete another transaction with them.”
This is the second deal between BluEarth and NorthRenew this year, after BluEarth’s purchase of the 247MW Buffalo Branch wind project in Missouri in February.
The latest deal is expected to further bolster BluEarth’s existing development portfolio, which consists of more than 1GW worth of advanced development utility-scale wind projects across North America.
BluEarth Renewables’ portfolio also has early-stage development projects with more than 3GW of combined capacity.
NorthRenew managing partner Garth Klimchuk said: “This latest transaction demonstrates our overall confidence in BluEarth’s ability to complete the Eads project in which they bring substantial development and operational expertise.
“We look forward to working closely with them on this, Buffalo Branch, and many more projects over the next several years.”
The Eads Wind and Solar Project is said to be a key part of Colorado’s 2030 emissions reduction strategy.
BluEarth said that it will support the state’s efforts to further decarbonise its electricity grid.
Based in Calgary, Canada, BluEarth Renewables acquires, develops, builds, owns and operates wind, hydroelectric and solar facilities across North America.
The company’s portfolio includes 673MWac of capacity in operation or under construction, as well as 800MWac worth of projects with power purchase agreements or offtake under negotiation.