Canadian solar energy company, Grasshopper Solar has acquired 278MW portfolio of solar projects in Pennsylvania from Glidepath Ventures for $300m.
The company will acquire the solar portfolio that includes 12 projects which were originated between 2017 to 2019.
Under the terms of the deal, Glidepath Ventures will be responsible for the development, interconnection and permitting of the projects.
The projects are expected to reach commercial operation in 2020, 2021, and 2022.
Glidepath Ventures partner Geoffrey S. Underwood said: “Since 2017 Glidepath Ventures has developed more than 2GW of early stage project opportunities in PJM and other burgeoning markets.
“Glidepath is pleased to leverage its scaled-origination platform with Grasshopper Solar”.
Redwood Energy has served as financial advisor to Grasshopper Solar for the transaction
Grasshopper Solar will be the long-term owner, operator of the projects and will also lead the power marketing, funding, as well as equity, debt and tax equity, EPC, and operations.
According to the solar energy company, the portfolio of projects is expected to double the amount of solar assets which are currently operating in Pennsylvania.
Grasshopper Solar chief development officer Jonathan Persaud said: “Grasshopper Solar is a global company that has successfully developed, owns and operates significant portfolios of solar energy projects in various markets around the world.
“Part of our investment strategy in the United States is to continue expanding into markets with local partnerships to further promote the development of renewable energy in these jurisdictions.
“These projects will provide environmental and economic benefits, while promoting more job opportunities for the American people in the state of Pennsylvania.”
For the transaction, Redwood Energy has acted as financial advisor and Orrick as legal advisor to Grasshopper Solar.
Furthermore, Greene Hurlocker acted as legal advisor to Glidepath Ventures for the deal.
Currently, Grasshopper Solar owns $1.8bn of assets and has a development pipeline of $6.5bn in various countries around the world.
