Adapture Renewables, a utility-scale solar and energy storage project developer, announced the acquisition of a 110 MW solar and 110 MW battery energy storage project from Samsung C&T Renewables, the renewable development and investment platform of Samsung C&T America.
The project, known as Haynach Solar, is located in Colorado and is expected to reach commercial operations by 2029. The company did not disclose the financial details of the acquisition. This project is the company’s first in Colorado and marks a significant expansion of its hybrid portfolio.
“This acquisition is an important step for Adapture Renewables as we expand into the Colorado market,” said Christina Conrad, VP of Mergers & Acquisitions at Adapture Renewables. “The Haynach project fits seamlessly into our long-term growth strategy of entering new markets and integrating additional battery storage projects. We are excited to bring this project to fruition and contribute to the region’s renewable energy capacity.”
Earlier this month, Adapture Renewables secured a $321 million debt facility from Mitsubishi UFJ Financial Group (MUFG), comprising a construction loan and a tax credit bridge loan. The financing will support the construction and development of the company’s 441 MW titanium solar portfolio, which spans three sites in Arkansas and Illinois.
In 2023, the company signed three environmental attributes purchase agreements with Meta to procure 330 MW of renewable energy from the three projects as the off-taker.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, 217 large-scale solar project acquisitions totaling 37.7 GW were transacted in 2024, compared to 231 transactions totaling 45.4 GW in 2023.
In January this year, ContourGlobal, a renewable energy power generation company, announced the acquisition of an advanced-stage solar-plus-storage project with a total capacity of 888 MW. The project has completed key development processes, including environmental, interconnection, and permitting, and is in the advanced stage of development.
