German energy company Innogy SE (ETR:IGY) today said it and US solar firm Birdseye Renewable Energy LLC will develop together 440 MW of solar projects in North and South Carolina, Georgia and Mississippi.
A joint development agreement has been signed on Friday for the 13 solar projects. Three of these, with a combined capacity of about 20 MW in North Carolina, already have offtake contracts and are expected to enter construction in early 2019. Full commercial operation is targeted later next year.
The other 10 projects, of roughly 420 MW, are at different stages of development.
Innogy said any decision to proceed with a project will be taken in line with its targets regarding leverage and financial stability. Innogy will have sole and exclusive rights to buy projects from the pipeline. Its subsidiary, Belectric is to be in charge of all construction works and the operation and maintenance (O&M) of projects acquired by its parent from the Birdseye pipeline.
Innogy and Birdseye intend to pursue additional opportunities to expand the relationship.
The German renewables, grids and retail company also has solar projects in Australia, Canada and Europe. It said it will aim to bring up to 260 MW of projects from this pipeline to the final investment decision (FID) stage this year.
In the US, Innogy established a subsidiary in August 2016, based in Chicago, as part of a strategy to grow on that market. In addition to solar, it is also exploring opportunities related to US onshore and offshore wind.
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