February 19 (Renewables Now) - Solar power producer CVE North America said on Tuesday it has secured USD 57 million (EUR 52.8m) in financing that will enable the construction of a 31.3-MW portfolio of solar projects in Massachusetts.
The specific portfolio includes six photovoltaic (PV) schemes that are qualified for the state’s SMART programme for promoting solar deployment. The 20-year initiative, launched at the start of 2018, offers fixed incentives and compensation adders to solar developers. Once operational, the plants will sell their output and associated credits through CVE’s Halo offering to a pool of offtakers consisting of both residential and commercial clients.
The construction financing was extended by real estate lender and asset manager Avana Capital. Principals of the NextPower Capital team served as CVE’s financial advisers in the deal.
At present, CVE North America has 295 MW of assets in operation and under-construction in France, Chile and South Africa, including an 82-MW DC under-development portfolio in Massachusetts and New York. "In the coming years, we plan to keep a steady pace of development of around 80 MW per year, reaching a renewable generating capacity of 350 MW by 2024," said vice president Thibaut Delespaul.
(USD 1.0 = EUR 0.926)