Grasshopper Solar, a developer and asset owner headquartered in Canada, has acquired a 278 MW DC portfolio of solar projects in Pennsylvania from Glidepath Ventures, a clean energy-focused development and investment firm.
Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania.
Glidepath Ventures originated the distributed generation portfolio totaling 12 projects between 2017-2019, and under the transaction will complete development, interconnection and permitting with anticipated commercial operation dates in 2020, 2021 and 2022. Grasshopper Solar will be the long-term owner-operator and will lead power marketing, including equity, debt and tax equity. The company will oversee the engineering, procurement, construction and operations.
“Grasshopper Solar is a global company that has successfully developed, owns and operates significant portfolios of solar energy projects in various markets around the world,” says Jonathan Persaud, chief development officer of Grasshopper Solar.
“Part of our investment strategy in the U.S. is to continue expanding into markets with local partnerships to further promote the development of renewable energy in these jurisdictions. We are excited to be entering the PJM market, which we believe has stable characteristics for ongoing solar development,” he adds.
Redwood Energy served as financial advisor on the transaction. Orrick served as legal advisor to Grasshopper Solar. Greene Hurlocker served as legal advisor to Glidepath Ventures.