Solar Frontier Americas (SFA) has acquired the 100MW Pioneer Solar Project from GCL New Energy for an undisclosed fee. SFA is the US-based subsidiary of Japanese petroleum company Idemitsu Kosan.
Located in Adams County, Denver the solar project is in the final stages of development at present.
Solar Frontier is an independent power producer (IPP) and solar development firm, which acquires and develops utility-scale solar power generation plants.
Solar Frontier Americas IPP business unit CEO Charles Pimentel said: “A shift is underway with traditional fossil fuel providers to support investments for clean energy that benefit the future of our environment and society.
“This acquisition exemplifies Solar Frontier Americas, and our parent company, Idemitsu’s commitment to furthering the sustainability of our society through the use of clean renewable power.”
Construction work on the project is expected to begin in late 2019. The energy generated from the solar facility will be supplied to Colorado’s non-profit electric distribution cooperative Intermountain Rural Electric Association (IREA) under a power purchase agreement (PPA).
Currently, IREA provides electricity to more than 160,000 customers located across 11 counties in Colorado.
Solar Frontier’s acquisition of the Pioneer Solar Project follows the acquisition of a 210MW solar project located in Kings County, California.
GCL New Energy executive president Frank Zhu said: “This project transaction demonstrates Solar Frontier Americas prowess in the acquisition of quality projects.
“GCL leverages its global knowledge to deliver the highest calibre of quality in our solar project development on our path to becoming one of the most respected global energy leaders in the world.”