Canadian Solar subsidiary sells stake in Mustang solar project

20 May 2019 (Last Updated May 20th, 2019 11:07)

Solar photovoltaic manufacturer Canadian Solar’s wholly-owned subsidiary Recurrent Energy has sold its equity stake in the 134MW Mustang solar project.

Solar photovoltaic manufacturer Canadian Solar’s wholly-owned subsidiary Recurrent Energy has sold its equity stake in the 134MW Mustang solar project.

The stake has been acquired by Goldman Sachs Asset Management’s Renewable Power Group. Financial details of the deal have not been disclosed by either company.

Located in California’s Central Valley, Mustang solar project has the capacity to generate clean electricity that is sufficient to power nearly 45,000 homes in the region.

This deal brings the sale of Recurrent Energy’s equity stakes in the 973MW portfolio of California solar projects to a close. The projects entered commercial operations in 2016.

Canadian Solar chairman and CEO Dr Shawn Qu said: “We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar’s ability to attract top tier investors.

“Constructed with a primarily local workforce, the Mustang project was a prime example of how solar project development benefits the surrounding communities.”

In October 2015, the utility-scale solar project Mustang signed contracts with community choice aggregators (CCAs) to obtain non-recourse financing.

“We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project.”

Under the long-term power purchase agreements, CCA’s Sonoma Clean Power and MCE have been purchasing clean electricity from the Mustang project.

Canadian Solar noted that asset management services will continue to be offered for the project.

Last December, Recurrent Energy completed the sale of its Mustang Two solar project to Solar Frontier Americas (SFA), a US-based subsidiary of global energy solutions company Showa Shell Sekiyu KK.