Canadian Solar subsidiary Recurrent Energy has sold three solar projects with total peak capacity of 309MW in California to Korea Electric Power Corp (Kepco).
The projects are the 131MW Astoria, 100MW Astoria 2 and 78MW Barren Ridge facilities, which have been operational since 2016 in the south of the US state.
Recurrent Energy will support Kepco with asset management services as the Korean company takes on the ownership role.
Kepco partnered with Corporate Partnership Fund, a Korean private equity group, on the deal which is the former company’s largest solar investment in the US.
Details on the cost of the deal were not released.
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.”
BofA Merrill Lynch and Scotiabank Global Banking and Markets were financial advisors to Recurrent Energy on the transaction.
Image: Canadian Solar