March 13 (Renewables Now) - Recurrent Energy LLC, part of Canadian Solar Inc (NASDAQ:CSIQ), has concluded the sale of a 235-MW solar portfolio in California to Korea Electric Power Corporation (KRX:015760), better known as KEPCO.
The transaction concerned the 100-MW Astoria, 75-MW Astoria 2 and 60-MW Barren Ridge solar power plants located in the southern part of the state. The three assets’ combined peak capacity amounts to 309 MW.
Recurrent Energy is the developer of the three projects, which were executed in 2016. Each of them has a long-term power purchase agreement (PPA) in place.
Commenting on the transaction, Bong-soo Ha, executive vice president and chief global business officer at KEPCO, said that the Korean electric utility anticipates further cooperation with Canadian Solar.
This was KEPCO’s largest investment in the US solar market to date, according to the press statement. The company worked with the Corporate Partnership Fund, also known as COPA Fund, to make the purchase.