BluEarth Acquires 1 GW Eads Solar and Wind Solar Project in the US

BluEarth, an independent renewable power producer focused on acquiring, developing, constructing, and operating wind, hydro and solar projects across the US, has acquired the Eads solar and wind project in Colorado from NorthRenew Energy, a US-based renewable and sustainable project developer.

The project is located in Kiowa and Cheyenne Counties and is expected to be developed in multiple phases of new solar and wind generation.

The current acquisition adds to BluEarth’s existing portfolio of over 1 GW of utility-scale wind projects in Canada and the U.S and over 3 GW of early-stage development projects.

“We look forward to entering the Colorado market with this project, which fits very well with our full life-cycle approach, taking projects from development to operations,” said Grant Arnold, President and CEO of BluEarth.

“This latest transaction demonstrates our overall confidence in BluEarth’s ability to complete the Eads project in which they bring substantial development and operational expertise,” said Garth Klimchuk, Managing Partner of NorthRenew.

Earlier this week, KGAL – an alternative investment manager – acquired a majority stake in Italian renewables developer Baltex Progetti through its fund KGAL ESPF 5. Baltex Progetti has a pipeline of over 300 MW of wind and solar power projects in Italy. The solar projects are located in the Italian regions of Sardinia and Sicily, and the first phase of the projects is scheduled to be completed in 2026.

In May 2022, Bluefield Solar, the income fund focused on acquiring and managing UK-based renewable energy and storage assets, acquired a 93.2 MW operational solar and wind portfolio from a UK-based fund manager for £112.4 million (~$138.4 million). The portfolio comprises 15 solar PV projects with a total installed capacity of 64.9 MW and four wind projects with a total installed capacity of 28.3 MW. The portfolio is located across England, Wales, Northern Ireland, and Scotland.

According to Mercom’s Q1 2022 solar funding and M&A report, 23 GW of large-scale solar projects were acquired in Q1 2022 compared to 13.1 GW in Q4 2021. Project developers and independent power producers were the most active acquirers in Q1 2022, with over 17 GW of projects being acquired, followed by investment firms and funds, which acquired 3.6 GW.