Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Recurrent Energy LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company"), and Falck Renewables S.p.A. ("Falck Renewables") (FKR.MI) today 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.
The North Carolina project, which reached commercial operation at the end of September, 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 ("DEPCOM") serving as the operations and maintenance contractor. DEPCOM also provided EPC services to the project.
"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," said Toni Volpe, chief executive officer of Falck Renewables. "Recurrent Energy has been an outstanding partner on our first opportunity to grow our assets outside Europe."
"The IS-42 project is Recurrent Energy's first solar project in the North Carolina market and another example of the company's ability to grow its U.S. footprint," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very pleased to partner with Falck Renewables on their first project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets."
Cornerstone Financial Advisors LLC advised Falck Renewables on the transaction, with CohnReznick Capital acting as an advisor to Canadian Solar and Recurrent Energy.