Canadian Solar subsidiary Recurrent Energy has completed the sale of its stake in three solar photovoltaic (PV) projects in southern California, US, to South Korean electric utility Korea Electric Power (KEPCO).
Both companies have not disclosed the financial details of the transaction, which marks KEPCO’s largest investment in the US solar market.
According to the deal, KEPCO acquired a stake in Astoria (100MWac/131MWp), Astoria 2 (75MWac/100MWp) and Barren Ridge (60MWac/78MWp) PV projects.
KEPCO has partnered with Korea-based Corporate Partnership Fund (COPA Fund) for this 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 US solar market.”
Developed by Recurrent Energy, the three solar projects commenced commercial operations in 2016 and have long-term power purchase agreements (PPA’s).
Canadian Solar chairman and chief executive officer 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 monetise our quality US solar project assets.”
Established in 2001, Canadian Solar manufactures solar photovoltaic modules and a provider of solar energy solutions to its clients worldwide.