Canada's Grasshopper locks USD 48m in debt to back US solar, storage plans

Solar panels in Massachusetts, USA. Author: liz west. License: Creative Commons.

October 13 (Renewables Now) - Canadian green energy services company Grasshopper Energy said on Tuesday it has obtained USD 48 million (EUR 41.6m) in debt financing to back the installation of solar and battery storage capacity across the US.

The fresh financing, secured from US lender Fifth Third Bank will help Grasshopper “significantly increase” its growth on the US market where it intends to build photovoltaic (PV) plants along the Northeast Coast, in Pennsylvania, New Jersey and New York. More specifically, the fresh capital will be used to bankroll the construction of four solar parks coupled with battery storage in Massachusetts.

Grasshopper noted it will also work to expand its development efforts in other US states.

The Mississauga, Ontario-based company focuses on the development, acquisition and ownership of renewable energy assets, most of which solar PV. Currently, it has USD 1.8 billion worth of assets in its portfolio and a project development pipeline valued at USD 6.5 billion.

(USD 1.0 = EUR 0.866)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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