New Energy Solar acquires 14 solar projects from Cypress Creek
Post date: 10/10/2017 - 15:25
US solar farm developer Cypress Creek Renewables LLC (CCR) will sell 14 utility-scale solar projects to Australian New Energy Solar (NES), totaling 130 MW, to be constructed by CCR and anticipated to be commercially operational in 2018. New Energy Solar’s investment in the CCR Portfolio will be approximately USD 108 million, paid progressively against specified development and construction milestones.
Ten of the plants, totaling 71 MW, will be constructed in North Carolina and connected to the electrical systems of Duke Energy Progress and Duke Energy Carolinas, both subsidiaries of Duke Energy Corporation. The other four plants, totaling 59 MW, will be constructed in Oregon and have approval to connect to the electrical system of Pacificorp, a subsidiary of Berkshire Hathaway Inc. Both Duke and Pacificorp are vertically-integrated, regulated utilities. The plants are expected to sell power under 13 to 15-year fixed price and escalating power purchase agreements (PPA) to large utility offtakers, including Duke and PacifiCorp.
Construction of the first projects is expected to begin in late 2017. A subsidiary of CCR will install the projects under a fixed-price and fixed-time Engineering, Procurement and Construction (EPC) contract. A subsidiary of CCR will operate and maintain the projects.
Once the CCR Portfolio is operational, NES will own a diversified 345 MW portfolio of large scale solar power plants. New Energy Solar is an unlisted stapled entity consisting of New Energy Solar Fund and New Energy Solar Limited.