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November 9, 2021

Competitive Power Ventures acquires 460MW solar portfolio in US

The solar projects will have the capacity to power around 87,000 homes with clean energy.

By Umesh Ellichipuram

US-based energy company Competitive Power Ventures (CPV) has acquired two solar photovoltaic (PV) projects, with a combined capacity of 460MW, from Belltown Power USA Development.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
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The two projects included in the deal are the 360MW Prairie Dock Solar project in Illinois and the 100MW Stonecrop Solar project in Kentucky.

The financial details of the transaction have not been disclosed.

Construction works at the two sites are scheduled to begin in the second half of 2023.

Upon completion, the projects will collectively have the capacity to generate enough renewable energy to power almost 87,000 homes.

CPV CEO Gary Lambert said: “This acquisition builds on CPV’s strategy to rapidly expand our renewable footprint as we lead America’s transition to a clean, responsible energy future.

“We look forward to working with Belltown Power to bring these solar projects to fruition as we work towards a low-carbon future.”

Belltown Power CEO Hernan Farace said: “We are excited to have completed this transaction with CPV.

“Our teams worked seamlessly throughout the execution process, and we look forward to supporting CPV in the ongoing development of these projects – and hopefully many more to come.”

Based in Silver Spring, Maryland, CPV owns a stake in 5.5GW of clean energy capacity across the US.

The company’s Asset Management division currently manages generating facilities with 7.1 GW of total capacity across nine states.

In March, CPV announced plans to construct and operate the Backbone Solar Farm in Maryland.

The company planned to develop the 175MW alternating current (AC) solar facility in the north of the Kitzmiller region at the Vindex and Arch Coal mining sites.

Belltown Power develops solar PV and storage projects primarily in the Pennsylvania, New Jersey and Maryland (PJM) Interconnection and Electric Reliability Council of Texas (ERCOT) regions.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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