November 19 (Renewables Now) - US renewables company Recurrent Energy LLC has completed the sale of a 99% stake in a 74.8-MW solar park in North Carolina’s Cabarrus County to NextEnergy Capital.
The deal was announced by Recurrent Energy’s parent Canadian Solar Inc (NASDAQ:CSIQ) on Monday but no financial details were provided. Through its NextPower III institutional solar fund, NextEnergy Capital has purchased 99% of the partnership that owns the Class B membership interest in the specific power plant that has a peak capacity of 102 MW.
The so-called NC 102 photovoltaic (PV) park was commissioned last September and has in place a power purchase agreement (PPA) with utility Duke Energy Carolinas. Its annual output is estimated to be enough to meet the electricity demand of almost 12,000 homes.
Debt and tax equity financing for the project was provided by Prudential Capital Group and US Bancorp Community Development Corp.
This solar farm will be Recurrent Energy's second solar project in the North Carolina market. The parent company said it expects to recognise the revenue from the sale in the current quarter.