Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Green Power
Return to: CTBR Home | Green Power | Solar

Canadian Solar sells 235MW solar portfolio to Korea Electric Power

CTBR Staff Writer Published 14 March 2018

Canadian Solar’s subsidiary Recurrent Energy has completed the sale of a 235MW solar portfolio to Korea Electric Power (KEPCO).

The portfolio includes three solar plants consisting of 100MW Astoria, 75MW Astoria 2 and 60MW Barren Ridge projects, located in Southern California.

This transaction is KEPCO’s largest in the US solar market. KEPCO partnered with Korean private equity fund, the Corporate Partnership Fund also known as COPA Fund to make the 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."

The three projects, where were developed by Recurrent Energy, started commercial operations back in 2016 and all are backed up by long-term power purchase agreements. Recurrent Energy will continue to offer asset management services for the projects to support KEPCO as it transitions into its ownership role.

Canadian Solar chairman and CEO 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 monetize our quality U.S. solar project assets."

Currently, Recurrent Energy has over 4GW of solar projects in development in the US.

In October last year,  it started commercial operations of the 71MW solar power project in Cumberland County, North Carolina, US. 

Recurrent Energy, a utility-scale solar project developer, operates as the US project development of Canadian Solar. Founded in 2001, Canadian Solar manufactures solar photovoltaic modules and provides solar energy solutions globally.

Image: The portfolio is the first largest investment by KEPCO in the US solar market. Photo: Courtesy of Recurrent Energy, A subsidiary of Canadian Solar.