Through its U.S. subsidiary, Germany-based innogy SE has joined forces with U.S. solar developer Birdseye Renewable Energy LLC to develop 13 solar projects totaling approximately 440 MW.
The projects are in various stages of development and are located within attractive U.S. markets for renewable power generation, according to innogy.
Under the agreement, innogy and Birdseye will jointly develop the portfolio, and innogy will have sole and exclusive rights to acquire projects from the pipeline. In addition, innogy will construct and operate the acquired projects. Decisions to proceed with individual projects will be taken in line with innogy’s targets regarding leverage and financial stability.
“Solar power is one of the fastest-growing technologies in the energy sector and is becoming increasingly profitable without subsidies in many markets,” comments Hans Bünting, chief operating officer of renewables for innogy SE. “The strategic partnership with Birdseye is an excellent starting point for us to develop and grow a valuable solar business in the U.S.”
“We are pleased that innogy, with its extensive experience in the renewables business, is on board with us in the development of this solar pipeline,” adds Brian Bednar, CEO of Birdseye.
The current development pipeline includes three late-stage solar projects in North Carolina with a total capacity of approximately 20 MW and committed off-take. Construction of these projects is planned to start in early 2019 with full commercial operations expected later that year. In addition, the remainder of the portfolio consists of 10 earlier-stage projects totaling approximately 420 MW in North Carolina, South Carolina, Georgia and Mississippi.
innogy’s BELECTRIC subsidiary is expected to undertake all engineering, procurement and construction and will be responsible for the operations and maintenance of all projects acquired by innogy from the Birdseye pipeline.
Innogy Renewables US LLC was founded in August 2016. Based in Chicago, the company explores opportunities for solar, as well as onshore and offshore wind.