Axium Infrastructure, a Canada-based investment management firm, has acquired a 100% equity interest in an 84 MW AC (110 MW DC) solar project portfolio from Renewable Energy Trust Capital. The portfolio includes eight solar PV facilities – two in California, three in Georgia and three in Ontario.
The facilities reached commercial operation between 2012 and 2015, and Axium says each utilizes tier-one solar PV modules and inverters. Each plant operates under a long-term, fixed-price contract with an investment-grade utility, the company adds.
“As Axium’s first solar investment in the U.S., this acquisition further diversifies the fund’s renewable portfolio and represents an important milestone for our expansion in the U.S.,” says Paulo Arencibia, vice president and investment director of Axium Infrastructure US Inc.
“With this acquisition, we are adding three new assets to an already significant portfolio of solar projects in Canada, strengthening our position as a leader in Canadian renewable energy production,” adds Juan Caceres, vice president and senior investment director of Axium Infrastructure Inc.
Norton Rose Fulbright LLP acted as legal advisor to Axium. Terms of the deal were not disclosed.