Prospect14 sells 1-GW solar project bundle in PJM

Whitehouse Solar, Louisa County, Virginia. Source: Dominion Virginia Power

November 17 (Renewables Now) - US clean energy developer and investor Prospect14 announced today it has divested a portfolio of solar and solar-plus-storage projects in Virginia and Pennsylvania with a combined direct current (DC) capacity of about 1 GW.

Prospect14 said it sold the assets to a large institutional investor, without disclosing its name or the value of the transaction. Jefferies LLC acted as financial advisor to Prospect14, while GreeneHurlocker PLC served as legal advisor.

"As the US solar market continues to mature, we are encouraged to see institutional investors step into mid-stage solar development as a confirmation of the value creation opportunity available through the development process. This is a milestone in the mainstreaming of solar as a desired asset class," commented Carl J Jackson, a Partner of Prospect14.

Since its inception in 2017, Pennsylvania-based Prospect14 has originated some 5 GW DC of solar and solar-plus-storage schemes.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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