Recurrent Energy has sold its equity stake in the 134MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management. This agreement wraps up Recurrent Energy's sale of equity stakes in the 973MW portfolio of California solar projects that came online in 2016.
CCAs Sonoma Clean Power and MCE (formerly Marin Clean Energy) will purchase energy from the Mustang project under long-term power purchase agreements. Back in October 2015, Mustang became the first utility-scale solar project fully contracted with CCAs to obtain non-recourse financing. The installation produces renewable energy for approximately 45,000 households in California’s Central Valley.
Dr. Shawn Qu, chairman and chief executive of Canadian Solar, said: “We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar's ability to attract top tier investors.”