Recurrent Energy closes North Carolina project sale to Falck Renewables
Written By: Katherine Demetre
December 5, 2017
Recurrent Energy and Falck Renewables recently announced the closing of the sale of 99 percent of the partnership that owns the Class B membership interest in the 92 MWp/71 MWac IS-42 solar project. Falck Renewables indirectly acquired 99 percent of the interests through its wholly owned subsidiary Falck Renewables IS 42 LLC, for an all-cash outlay of approximately 43 million U.S. dollars. In April of this year, debt and tax equity financing for the project was secured from Prudential Capital Group and U.S. Bancorp Community Development Corporation.
Per the company, the North Carolina project, which reached commercial operation at the end of Sept, is delivering electricity to Duke Energy Progress under a power purchase agreement. Recurrent Energy is providing asset management services to the project, with DEPCOM Power serving as the operations and maintenance contractor. DEPCOM also provided EPC services to the project.
Toni Volpe, chief executive officer of Falck Renewables, commented:
The closing of our first deal in the U.S. energy market represents a major milestone for our team who has been working relentlessly from the beginning of the year on strategic geographic expansion. Recurrent Energy has been an outstanding partner on our first opportunity to grow our assets outside Europe.
Cornerstone Financial Advisors LLC advised Falck Renewables on the transaction, with CohnReznick Capital acting as an advisor to Canadian Solar and Recurrent Energy.