ContourGlobal, an independent power producer and a KKR company, announced the acquisition of a 151 MW solar project portfolio in South Carolina from Sun Tribe Development, a solar and energy storage project developer. The portfolio comprises two solar projects currently in the late stages of development, and long-term power purchase agreements have been signed.
The projects are scheduled to reach commercial operations in 2029, and with this acquisition, ContourGlobal has entered the U.S. renewable energy market. The company is also responsible for the project’s construction, operation, and maintenance.
Antonio Cammisecra, ContourGlobal CEO, commented, “The acquisition of these solar PV assets, currently in the late development stage and supported by a valuable PPA with stable revenue, marks our entry into the U.S. renewables market, where we anticipate significant future growth. This transaction, with a reliable development partner such as Sun Tribe, is the first success of ContourGlobal’s newly formed global Business Development team, which fully focuses on accelerating our growth in renewables and on the progressive decarbonization of our thermal portfolio. Our Engineering & Construction is now tasked with ensuring smooth project execution and harvesting the latest technological improvements that will come to the market as we begin construction.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
This week, Emeren Group, a solar project developer, announced the sale of a 57 MW solar project portfolio to Trina Solar Systems, the French subsidiary of Trina Solar International System Business Unit (ISBU). The portfolio consists of five solar projects in various stages of development.
