Coronal Group, an alternative energy group that also finances projects, has acquired 35 MW solar farm located Tucson, Arizona, from Avalon Solar.
Financial details of the transactions are not available.
The 225-acre Avalon Solar Project has been operational since December 2014. It can power approximately 5,620 homes and save 57,660 tons of carbon dioxide from being released into the environment, the company stated.
Panasonic Eco Solutions, a unit of Panasonic North America, is overseeing the operations and management of the facility. Coronal, in partnership with Panasonic, has developed a platform to manage the utility scale projects in North America.
“Avalon marks a new milestone for us as it is the first solar project fully owned, operated and managed by the Coronal-Panasonic platform, a model we expect to expand in the coming year,” said Jonathan Jaffrey, Coronal’s CEO and managing director.
Avalon Solar Project includes 114,720 solar panels. The project was developed by Clenera Renewable Energy (Clenera) and built by general contractor Swinerton Renewable Energy under the direction of Clenera Renewable Energy and Panasonic.
Sumitomo Mitsui Banking Corporation acted as the financier for the project sale to Coronal.
Rajani Baburajan