Canadian Solar subsidiary Recurrent Energy has finalized the sale of its stake in three solar photovoltaic projects totaling 235 MWac / 309 MWp.
The Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California.
This transaction marks KEPCO’s largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.
Recurrent Energy developed the three projects that reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role.