Canadian Solar’s wholly owned subsidiary, Recurrent Energy, has finalized the sale of its interests in three solar photovoltaic projects totaling 235 MWac/309 MWp. The Korea Electric Power Corporation, South Korea’s largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in Kern County, California.
Astoria project (Recurrent Energy)
The adjacent Astoria and Astoria 2 solar PV projects collectively produce enough clean electricity to power more than 43,000 homes. The Barren Ridge solar project, also known as the RE Cinco project, produces enough clean electricity to power more than 25,000 homes.
In addition to constructing the Barren Ridge solar project, Recurrent Energy built a two mile gen-tie line to connect to the Los Angeles Department of Water and Power’s electrical grid at the Barren Ridge Switching Station.
The gen-tie, which runs near existing high-voltage transmission lines, was designed to consolidate power lines into a single corridor and minimize land use and visual impacts. Located on public land managed by the Bureau of Land Management, the Barren Ridge gen-tie line was vetted and approved by BLM.
This transaction marks KEPCO’s largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.
“These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio,” said. Bong-soo Ha, executive vice president and chief global business officer, KEPCO.
Recurrent Energy developed the three projects, all of which reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role. Additional details on the three projects are available at Recurrent Energy.
BofA Merrill Lynch and Scotiabank Global Banking and Markets acted as financial advisors to Recurrent Energy on the transaction.