Renewables developer and investment firm Prospect14 has sold around 1GWdc of solar and solar-plus-storage projects in Virginia and Pennsylvania.
Located in the PJM Interconnection area, the assets have been acquired by an undisclosed institutional investor.
Prospect14 partner Carl Jackson said the company is encouraged to see institutional investors step into mid-stage solar development as a confirmation of the value creation opportunity available through the development process, adding: “This is a milestone in the mainstreaming of solar as a desired asset class.”
Founded in 2017, Pennsylvania-headquartered Prospect14 was rebranded from Glidepath Ventures last year in a move to better reflect its focus on originating and developing utility-scale solar projects across North America.
The company has to date originated approximately 5GWdc of solar and solar-plus-storage projects, and last year sold a 12-project portfolio in Pennsylvania to renewables developer and asset owner Grasshopper Solar.
Other recent solar announcements in Pennsylvania have seen Lightsource bp progress with a 191MW portfolio that will provide electricity to the state government, while a new joint venture from renewables firm Pattern Energy and independent power producer Talen Energy are developing six PV projects in the state as part of a larger solar and wind buildout.
Some Pennsylvania solar projects could be boosted by new rule changes announced last month by the Federal Energy Regulatory Commission that are expected to result in more solar clearing capacity market auctions in the PJM market, which coordinates the movement of electricity in all or parts of 13 US states and the District of Columbia.