Independent power producer sPower has purchased a 1-GW portfolio of solar projects in New York from a unit of power and gas utility National Grid plc (LON:NG).
The bundle, with a given capacity in direct current (DC), includes nine photovoltaic (PV) projects, six of which are in the early stages of permitting, the buyer said on Thursday. It did not provide financial details about the purchase from National Grid Renewables.
Located in Franklin, Jefferson, Chautauqua, Lewis and other counties in Upstate New York, the projects are planned to be brought live between December of 2022 and December of 2023.
Salt Lake City, Utah-based sPower currently owns and operates wind, solar and energy storage plants with a combined capacity of close to 2 GW. A few weeks ago, the company said it will merge with the US clean energy development business of The AES Corporation (NYSE:AES), which is one of its owners, to create a platform with a combined 12-GW renewables development pipeline. The newly-acquired assets in New York will become part of the combined entity’s development portfolio, adding to operating assets totalling 150 MW in the state.
Under the deal, AES will take 75% the combined business, while sPower’s other owner -- Alberta Investment Management Corporation (AIMCo) -- will hold the remaining 25%. The transaction is seen to be finalised in the next few months, sPower said.
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