Hudson Clean Energy Partners, private equity firm specializing in renewable energy, and Sky Solar Holdings, a global developer, owner, and operator of solar parks, have announced a new solar project partnership to acquire, construct, and own utility scale and commercial and industrial projects in the United States.
This expansion of the organizations’ 2015 collaboration in Latin America and Japan will make use of the existing capital commitment of up to US$100 million from Hudson.
The first asset in the joint venture is a 22 MW, 23-project portfolio of operating commercial and small utility-scale solar PV projects that sell power to businesses, municipalities and utilities located in California and Massachusetts. The majority of these projects, which were acquired from a third party, came online in 2012 and have remaining power purchase agreement terms of more than 15 years on average.
Hudson and Sky Solar are also partnering to construct and jointly own 82 MW of utility solar projects in Uruguay, which are expected to be completed in the second quarter of 2017.
Neil Z. Auerbach, founder and managing partner of Hudson, said:
“Extending our reach into the North American market is a logical next step for our organizations as we seek to build a stable portfolio of renewable projects in key markets around the world. We will continue to pursue attractive investments in lucrative regions and anticipate a fruitful, long-term collaboration with Sky Solar.”
Sanjay Shrestha, chief investment officer of Sky Solar and president of Sky Capital Americas, stated:
“Our strategic partnership with Hudson will only grow stronger as we continue to expand to the North American market. We look forward to building on our success and expanding access to renewable energy across the globe.”