Recurrent Energy, a subsidiary of Canadian Solar Inc., has closed the sale of 99% of the partnership that owns the Class B membership interest in the 102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, N.C, to NextEnergy Capital.
NextEnergy Capital indirectly acquired the interest through NextPower III, its third institutional solar fund. In May 2018, Recurrent Energy secured the debt and tax equity financing for the project from Prudential Capital Group and U.S. Bancorp Community Development Corp.
The North Carolina project, which reached commercial operation at the end of September 2018, is one of the largest operating solar projects in North Carolina. The project has a power purchase agreement with Duke Energy Carolinas.
“The NC 102 project is Recurrent Energy’s second solar project in the North Carolina market and another example of the company’s ability to grow its U.S. footprint,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets.”
Canadian Solar expects to recognize the revenue from the transaction in the fourth quarter of 2019.