SoftBank Group subsidiary SB Energy has agreed to acquire five solar plants in the US from utility-scale renewable energy developer Intersect Power. Financial details of the deal have not been disclosed by either company.
SB Energy CEO Raman Nanda said: “Intersect Power has created significant value by developing 1.7GW of large solar projects in a short period of time.
“We look forward to starting construction on the projects early next year and providing low-cost solar energy to our commercial partners. With this acquisition, SB Energy will have 7.2GW of solar and wind projects under long-term contract in the United States and India.”
Under the deal, SB Energy will acquire the solar power plant portfolio located in California and Texas with a combined capacity 1.7GW.
Out of five power plants, two solar facilities, Athos I (350MW) and Athos II (300MW), are located in Riverside County, California.
The other three solar projects are in Texas – Titan (375MW) and Aragorn (250MW) solar projects in Culberson County and Juno (425MW) in Borden County.
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Earlier, SB Energy and Intersect Power were reported to have partnered to develop these projects.
Intersect Power co-founder and CEO Sheldon Kimber said: “When we started development of these projects, we were looking for innovative, reliable partners to work with, and SB Energy has exceeded our expectations.
“Their partnership proves the value generated by Intersect Power’s skilled team and lean project development approach.”
Completion of the deal is subject to the satisfaction of certain closing conditions.
Upon completion, SB Energy will build, own and operate the five solar power plants. The company expects to begin construction early in 2020.
During the construction phase, the five projects are expected to create employment opportunities for more than 3,000 people.
The five projects can generate enough energy to power 357,000 homes, while preventing 2.75 million tonnes of carbon emissions annually.