Canadian Solar Inc. and its wholly-owned subsidiary Recurrent Energy closed a sale of 99 percent of its Class B membership interest in a 102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, N.C., to NextEnergy Capital.
NextEnergy Capital indirectly acquired 99 percent of the interests 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 Corporation.
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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 and generates enough clean solar power to meet the energy needs of approximately 12,000 homes.
“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,” said Dr. Shawn Qu, chairman and chief executive officer 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.