sPower has purchased the equity interest in three separate solar portfolios in North Carolina from FLS Energy.
The portfolio will be named sPower FLS North Carolina Solar 1.
In addition, the portfolio has 15-year PPAs with Duke Energy Carolinas and Duke Energy Progress.
The 16 fixed tilt ground mount facilities have achieved commercial operation in 2013 and 2014.
“A key tenet in sPower’s management philosophy is seeking out partners and projects that drive growth in the solar industry,” sPower CEO, Ryan Creamer, commented. “FLS Energy is clearly amongst the most knowledgeable and successful solar energy companies on the east coast.”
CohnReznick Capital Markets advised on the project. Stoel Rives, a business law firm known for its leadership in corporate, energy, environmental, land use and project development law, assisted sPower with the negotiation and documentation of the acquisition.
sPower owns and operates more than 130 utility and distributed electrical generation systems across the United States and the UK.
With greater than a gigawatt between construction and pipeline, sPower is buying renewable assets in any stage of development in North America and the UK.
Recently, sPower entered into a non-exclusive joint development agreement with Hecate Energy to develop and own or operate solar photovoltaic (PV) projects.
The first joint initiative is the sale to sPower of a 162 MWac portfolio comprised of three projects named Beacon 1, Beacon 3 and Beacon 4.
The utility scale projects, near Mojave, Calif., in Kern County, will be designed and built by Hecate, then jointly owned and operated by sPower and Hecate.
In another development, sPower and Camborne Capital announced a formal collaboration agreement to deploy significant capital under the UK’s Renewables Obligation Certificate (ROC), Feed-In Tariff (FIT) and Contract for Difference (CfD) programs.
In the last sixty days, the team has closed on three solar PV projects acquisitions: two from RGE Energy UK totaling 18.4 MW dc (a 6.4MWdc project in Ceredigion and a 12 MW dc project in Pembrokeshire) and one from Hive Energy (a 6.5 MW dc project in Pembrokeshire).
Sabeena Wahid
[email protected]