Investor buys Canada’s self-styled largest private solar PPA project

Facebook
Twitter
LinkedIn
Reddit
Email
Image credit: David Stanley / Flickr

A solar project billed as one of the largest in Canada’s history has changed hands this year, with a Toronto-headquartered infrastructure investor named as the new majority owner.

Capstone Infrastructure Corporation said on Thursday it has acquired a 51% stake in the 132 MWac Claresholm Solar project, slated for development towards the south of Alberta province.

The deal will see Capstone take over the 51% stake from Perimeter Solar, one of the PV project's two initial sponsors. Perimeter’s existing Danish partner Obton will retain its 49% stake.

In a statement, Capstone explained construction is set to commence this spring, following the planning green light by the Alberta Utilities Commission last year.  

Last October, it emerged that TC Energy – best known as the developer of the controversial Keystone XL oil pipeline – had agreed to become the offtaker of Claresholm for eight years.

At the time, the PPA covering 74.25MW of Claresholm’s 132MWac solar capacity was described as the largest private deal seen in the Canadian energy sector, up until that point.

The PV plant – located south of Alberta’s largest city Calgary – will share province with an even larger project, a 400MW venture by local developer Greengate Power.

Claresholm marks the Canadian debut for Denmark’s Obton, typically an investor in Northern European solar, as well as the firm’s first project worldwide to be backed by a private PPA.

When the PPA was inked last October, Obton CEO Anders Marcus said the firm had worked three years on the Alberta project. In addition, he shed light on the project’s post-PPA revenue prospects.

“With the expected increase in the price of electricity in Alberta as a result of, e.g. CO2 taxes and the phasing out of coal, we are convinced that we can also secure a good price for the electricity after that period, either through a new PPA or via the market,” the executive said.

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

Read Next

July 25, 2022
Module manufacturer and energy solutions company Hanwha Qcells has landed an agreement with Canadian Premium Sand (CPS) for the commercial offtake of patterned solar glass to support its US PV module production.
July 20, 2022
PV mounting systems provider Polar Racking has acquired Axsus Solar, adding the Axsus Sol-X single-axis tracker to its product portfolio in the process.
May 11, 2022
Canadian module manufacturer Heliene has seen unprecedented demand for its modules following the US Department of Commerce’s (DOC) decision to investigate alleged anti-dumping and circumvention (AD/CVD) by solar manufacturers in Thailand, Vietnam, Malaysia and Cambodia, which continues to spread chaos across the US solar sector.
PV Tech Premium
April 22, 2022
Having last month utility-scale solar in Sweden, Finnish investor Korkia is eyeing up a portfolio of renewables investments that stretches from Canada to Romania via partnerships with local developers capable of embracing the Lego-like replicability and scalability of solar PV. PV Tech Premium speaks to Mikko Kantero, executive vice president of renewable energy at Korkia, to find out more.
April 11, 2022
The impact of solar resource variability on several key global PV markets including India, Australia and North America has been revealed by a ten-year analysis from solar irradiance consultancy Solargis that illustrates “significant deviations from long-term averages”.
January 7, 2022
Solar developer ReneSola Power has completed the sale of 37MW of PV projects in Poland to Danish solar investment and management company Obton.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
London
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event