Canada’s Grasshopper Solar bags 278MW PV porfolio in Pennsylvania

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
View over the Philadelphia skyline. Image credit: Gibson Hurst™ / Unsplash

Canada’s Grasshopper Solar has bought a 278MW, 12-project solar portfolio in Pennsylvania from clean energy developer Glidepath Ventures for more than US$300 million.

Ontario-based Grasshopper will be the long-term owner-operator of the distributed generation projects. It will manage power marketing, project financing – including equity, debt and tax equity – and engineering, procurement and construction (EPC).

Glidepath, headquartered in the Philadelphia suburbs, will handle the development, interconnection and permitting of the projects.

The projects will be commissioned between 2020 and 2022 and will double the number of solar assets in Pennsylvania once live, Grasshopper and Glidepath said in a joint press release.

Statistics from the Solar Energy Industries Association (SEIA) suggest that the state is currently home to roughly 475.15MW of PV.

Redwood Energy worked as the transaction's financial adviser, while Orrick served as legal adviser to Grasshopper, and Greene Hurlocker as legal adviser to Glidepath.

Grasshopper chief solar development officer Jonathan Persaud said that his company was “excited” to be entering the PJM market, which “has stable characteristics for ongoing solar development.”

The market lies at the heart of a row between federal energy watchdog FERC and states and clean energy advocates. Last December, the former issued an order requiring that PJM expand the scope of its minimum offer price rule in a way that will blunt the impact of state-subsidised resources, like renewables, on the market.

PJM is the nation’s largest electric grid operator, covering 13 states and the District of Columbia.

The prospects and challenges of solar's new era in the US will take centre stage at Large Scale Solar USA 2020 (Austin, Texas, on 23-24 June 2020).

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 8, 2021
Solar PV could provide up to 40% of the US’ total power demand by 2035, but only if annual installations quadruple by the middle of the decade.
PV Tech Premium
September 3, 2021
For years California, Texas and Florida have dominated the US solar market, but backed by the investment tax credit, strong state-specific renewables standards and falling costs, new states are coming to the fore. Molly Lempriere takes a look at what is driving them, and the hurdles they face if they are to challenge the ‘Big Three’.
August 25, 2021
The US renewables sector has welcomed the House of Representatives’ approval of a budget resolution that provides the framework for a US$3.5 trillion spending package.
August 24, 2021
Energy advisory DNV has acquired the consulting arm of Chile-based energy price forecaster Antuko, taking aim at the Latin America and Iberia power markets.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021