March 3 (Renewables Now) - Canada-based solar developer Grasshopper Solar said on Monday it will spend more than USD 300 million (EUR 269.8m) to buy a 278-MW portfolio of photovoltaic (PV) projects in Pennsylvania.
The 12 distributed generation (DG) projects, the capacity of which is given in direct current (DC), are being sold by clean energy development and investment firm Glidepath Ventures. The solar plants are expected to be brought live in the 2020-2022 period.
Apart from becoming their long-term owner, Grasshopper Solar will take care of the project financing, including equity, debt and tax equity, as well as the engineering, procurement and construction (EPC). Once the PV plants are switched on, it will also be their operator and power marketer.
According to the press release, the solar parks will almost double Pennsylvania’s portfolio of operational solar assets.
Redwood Energy served as financial advisor of both parties in the deal. Grasshopper Solar was advised by Orrick on legal matters, while Glidepath Ventures’ legal counsel was Greene Hurlocker.
(USD 1.0 = EUR 0.899)