Novatus Energy buys 156-MW Colorado solar park

Novatus Energy, a North American renewable energy platform, on Tuesday said it has acquired the 156-MW direct current (DC) Comanche solar park in Colorado.

The project, the state's largest solar facility, went online in September 2016. It has a 25-year power purchase agreement (PPA) with a subsidiary of utility Xcel Energy (NYSE:XEL) that was awarded as part of an open solicitation, where the project saw off competition from natural gas.

Novatus Energy is wholly owned by institutional investors advised by JP Morgan Asset Management. The Comanche acquisition increases the installed capacity of its portfolio to 1,586 MW. The portfolio is comprised of utility-scale wind and solar facilities in the US -- seven wind projects totalling 1,043 MW and 25 solar projects totalling 543 MW alternating current (AC).

"We are very pleased to bring the Comanche solar project into our operational portfolio. The Comanche acquisition adds a high-quality asset with long-term stable cash flows, a reputable offtaker, robust technology, and a permanent capital structure," said Novatus Energy chief executive Steve Doyon.

Located in Pueblo county, the Comanche solar farm produces more than 300 GWh of power per year, according to the announcement.

The project was developed by Community Energy and in 2014 bought by now bankrupt SunEdison (OTCMKTS:SUNEQ).

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