Home Finance ContourGlobal acquires a 446 MWp solar PV portfolio in the US

ContourGlobal acquires a 446 MWp solar PV portfolio in the US

by Eclipsnews
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British power generation company ContourGlobal has acquired a 446 MWp solar photovoltaic (PV) portfolio in the US, expanding its renewable energy footprint.

The portfolio, acquired from Qcells, includes two solar PV installations in Colorado and Virginia, increasing ContourGlobal’s planned US solar PV and BESS capacity to nearly 1.5 GW.

This is in addition to more than 1 GW of recently acquired projects in South Carolina and Arizona, which are currently in late development.

The Colorado assets, with a total of 324 MWp, are already under construction, while the Virginia project, with a capacity of 122 MWp, is expected to start construction in 2026.

This acquisition expands ContourGlobal’s renewable activities within the Western Electricity Coordinating Council (WECC) and Pennsylvania-New Jersey-Maryland (PJM) interconnection markets.

This expansion provides regional diversification and tapping into areas of increasing electricity demand, in addition to thermal capacity retirement and carbon emissions reduction targets.

The Colorado projects will supply electricity to Platte River Power Authority under a long-term power purchase agreement (PPA).

The first phase, a 185 MWp plant, is expected to be commissioned in the first half of 2025, with a 22-year PPA. The second phase will add 139 MWp of capacity by 2026.

The Virginia project, expected to begin operations in 2027, will benefit from a 20-year PPA with an investment-grade, investor-owned utility.

These plants are expected to produce more than 845 GWh annually, enough to power approximately 80,000 American homes annually.

ContourGlobal CEO Antonio Cammisecra said: “This transaction allows us to maintain momentum in our sustainable growth in the US, approaching 1.2 GW of solar PV capacity, complemented by an additional 0.3 GW of BESS capacity, under construction or in advanced development.

“It also significantly accelerates the start of our commercial activities to the first half of this year. We are proud of this milestone and excited that our partnership with Qcells will also allow us to integrate their US-made solar technology into these acquired projects.”

Qcells will oversee the construction of the projects, which will utilize solar panels manufactured at their facilities in Georgia. Qcells has one of the largest solar panel manufacturing capacities in the Western Hemisphere, which is expected to increase to 8.4 GW, the company says.

CRC-IB was the exclusive buy-side advisor to ContourGlobal, while Marathon Capital was the exclusive financial advisor to Qcells on this deal.

Qcells GES President IP Kimsaid said: “We are proud to support ContourGlobal’s US expansion. This transaction demonstrates Qcells’ differentiated capabilities as a ‘total energy solutions provider’ to move projects from development to operation. We are excited to explore other opportunities where Qcells’ full suite of capabilities can deliver value to partners like ContourGlobal.”

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