Project Finance brief

Aspen Power, a distributed generation platform developer, announced the acquisition of eight ground-mounted solar projects in Pennsylvania and New York, totaling 41 MW. The projects were acquired from Solar Site Developers, a solar project developer who will also co-develop the project with Aspen Power.

The projects are currently in the engineering design stage, with construction expected to begin in the coming months. The Pennsylvania projects are stated to be net-metered under Pennsylvania’s Alternative Energy Portfolio Standard Act, while the New York projects will provide bill credits to utility customers via the Value of Distributed Energy Resources (VDER) program.

“We’re proud to advance decarbonization together with the team at Solar Site Developers, who have been committed partners in the preliminary stages of bringing these projects to life,” said Dan Gulick, Senior Vice President, of Community Solar, Aspen Power. “Building on Aspen Power’s portfolios in the Keystone state as well as our home state of New York is a key element of achieving our goal of gigawatt-scale in the coming years,” he added.

According to Mercom’s Annual and Q4 2023 Solar Funding and M&A report, 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.

Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, announced the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain last month. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are currently under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.