April 26 (Renewables Now) - UK investment and asset manager NextEnergy Capital Group has acquired 34 MW/46 MWp of solar projects in Virginia from US firm Urban Grid, the latter announced on Thursday.
The two projects, namely the 20-MW/28-MWp Briel and 14-MW/18-MWp Gardy's Mill, will be located in Henrico County and Westmoreland County. Their construction is planned to begin immediately, while commercial operations will be launched by March 2020. The needed investment for building the plants is estimated at USD 40 million (EUR 35.9m).
Once up and running, the photovoltaic (PV) parks will be able to generate enough electricity to supply around 9,785 households. Their operation will deliver direct and indirect economic benefits to the Commonwealth of Virginia totalling USD 21 million.
The acquisition represents NextEnergy Capital's first utility-scale solar investment in the US for its new NextPower III fund. The UK asset manager plans to grow in the US market “significantly in short order,” said Michael Bonte-Friedheim, CEO and founding partner.
(USD 1.0 = EUR 0.898)