May 16 (Renewables Now) - Recurrent Energy LLC has finalised the sale of its equity stake in the 134-MWp/100-MWac Mustang solar project in California to the Renewable Power Group of Goldman Sachs Asset Management LP.
Parent company Canadian Solar Inc (NASDAQ:CSIQ) said the latest move marks the end of Recurrent Energy’s sale of equity stakes in 973 MWp of California-based solar parks, operational since 2016.
Canadian Solar will remain tied to the Mustang project as an asset management services provider. The gain from the sale will be included in its report for the second quarter of 2019.
The Mustang solar farm, located in California’s Central Valley, generates enough electricity to power around 45,000 households. Its output is sold to community choice aggregators (CCAs) Sonoma Clean Power and MCE, formerly known as Marine Clean Energy, under a long-term power purchase agreement (PPA).