US electricity producer AES Corp (NYSE:AES) has acquired domestic utility-scale solar-plus-storage developer Community Energy Solar LLC, significantly boosting its project development capability and growth potential.
The move will add to the buyer's scope for further corporate off-take deals, with AES already having in place power purchase agreements (PPAs) to deliver 4 GW of renewables at home.
As a result of the transaction, AES' renewables portfolio in the US has 4.4 GW of operating assets and 5.7 GW of signed PPAs.
"The addition of Community Energy and its 10-GW pipeline to AES will complement our efforts to deliver highly innovative products to customers with a strong pipeline that now totals more than 40 GW across the country and an industry-leading development team to advance projects," AES Clean Energy president Leo Moreno said.
Headquartered in Radnor, Pennsylvania, Community Energy was founded in 1999. It was taken over by Iberdrola (BME:IBE) in 2006, which enabled the construction of 700 MW of wind power. In 2009, Community Energy's founders spun it out into an independent solar developer.
The company has installed over 3 GW of solar and storage facilities throughout the US, both utility- and community-scale. These include the 120-MW Comanche solar plant in Colorado, the 103-MW Butler solar facility in Georgia and the 100-MW Amazon Solar Farm Virginia – Southampton, among others.
According to the statement, Community Energy was the first to develop a 100-MW scale project in seven states and its activity accounts for about 5% of all utility-scale solar capacity built in the US to date.
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