Renewable energy fund manager Copenhagen Infrastructure Partners (CIP) has started construction on two solar projects totalling 300MW(AC) in the US.
The projects are being built on behalf of the Copenhagen Infrastructure III (CI III) fund and they are the first projects of the company's roughly 1.1GW(AC) US solar portfolio to reach this stage.
The Misae project of 240MW(AC) capacity located near the city of Childress, Texas, will use JinkoSolar’s monocrystalline solar panels, while M.A. Mortenson Company will be responsible for EPC and O&M.
The project has also entered into a power price hedge with a financial institution, which is one of the first of such hedges to be signed for a solar project, CIP claimed. The project is also expected to secure third-party tax equity funding. CIP bought the Misae project earlier this year.
Commercial operation of the project is expected in Q4 2019.
The Sage project of 58MW(AC) capacity is located in Rich County, Utah. RES America Construction (RES) will perform EPC services while First Solar will provide modules as well as ongoing O&M services. CIP bought the project in April 2017.
The project has a long-term power purchase agreement with PacifiCorp subsidiary, Rocky Mountain Power. The project also expects to secure third-party tax equity funding. It is expected to become operational in August 2019.
“The solar projects will provide long-term, stable and predictable cash flows with an attractive risk/return profile for the CI III investors and complement the existing portfolio of investments in onshore and offshore wind and other renewables technologies,” said Christian Skakkebæk, senior partner at CIP.