A round-up of the latest news from the US solar market, including developments from Cubico and US Solar Fund.
Cubico acquires 270MW US portfolio from RES
24 November 2020: Renewables investor Cubico Sustainable Investments has completed the acquisition of two solar projects from developer RES, totalling 270MW of generation capacity.
The projects – Delta’s Edge and Crossett – are both underpinned by long-term power purchase agreements with regional cooperative utilities, and will be constructed by RES. They are slated to begin commercial operations in 2022, with financial close expected in Q1 2021.
The projects represent Cubico’s first acquisition within the Midcontinent Independent System Operator (MISO) region.
“We are happy to support these local communities through economic development, by investing in greenfield clean energy projects. The acquisition of Delta’s Edge and Crossett is complementary to our existing solar investments across the southeast US and Texas,” Lance Jordan, senior VP of origination and execution at Cubico, said.
US Solar Fund energises Utah solar project, completing fund’s build-out program
23 November 2020: London-based US Solar Fund has celebrated the completion of its solar build-out programme by completing its 128MWdc Milford Plant project in Utah.
The project, which came onstream last week, was completed on time and under-budget, US Solar Fund said, confirming that now all 41 of its portfolio projects was operational and generating revenue.
The Milford Plant saved construction and development costs of around US$4 million, the fund said, while the earlier-than-expect commercial operations date will provide additional revenue of around US$1 million.
“I am delighted that we have reached the point where all the company’s solar plants are in operation and generating power. This puts us firmly on track to pay and cash cover the full target dividend of 5.5 cents per share in 2021. We look forward to growing the company and delivering on the investment mandate,” Gill Nott, chair at US Solar Fund, said.
Capital Dynamics completes LS Power project acquisition
19 November 2020: Asset management firm Capital Dynamics has completed the acquisition of three utility-scale solar projects from developer LS Power.
The deal, previously disclosed in September, will see Capital Dynamics acquire a portfolio of projects with a total combined generation capacity of 316MWdc in states including California, Arizona and Delaware.
The portfolio includes:
- 100% ownership of the Centinela Solar Energy project, a 252MWdc array in California
- 100% ownership of the Dover Sun Park, a 11MWdc project in Delaware
- A 30% stake in Arlington Valley Solar Energy II, a 175MWdc array in Arizona.
“With the addition of these high-quality assets, our team further cements our position as the largest private owner of solar assets in the United States, with a fleet exceeding 3.5 gigawatts (GWdc),” Tim Short, managing director of clean energy infrastructure at Capital Dynamics, said.