Falck crosses Atlantic
Acquisition of 92MW IS-42 PV plant is company’s first deal in US
Falck Renewables has entered the US energy market with the $43m cash purchase of Recurrent Energy’s 99% interest in the 92MW IS-42 solar farm in North Carolina.
The project has been operational since the end of September and supplies electricity to Duke Energy Progress.
Recurrent Energy, a Canadian Solar subsidiary, is providing asset management services to the plant, while Depcom Power is the operations and maintenance contractor.
Falck Renewables chief executive Toni Volpe said: “The closing of our first deal in the US energy market represents a major milestone for our team who has been working relentlessly from the beginning of the year on strategic geographic expansion.”
Canadian Solar chairman and CEO Shawn Qu said: “We are very pleased to partner with Falck Renewables on their first project in the US and look forward to continuing our collaboration in the US and other markets.”
Cornerstone Financial Advisors advised Falck Renewables on the transaction, with CohnReznick Capital acting as an advisor to Canadian Solar and Recurrent Energy.