JERA Nex, a renewable energy company headquartered in London and launched by JERA, announced the acquisition of two solar projects with a total capacity of 395 MW from Lightsource bp, a solar and energy storage project developer.
The portfolio comprises the 300 MW Oxbow solar project in Louisiana and the 95 MW Happy solar project in Arkansas. Both projects are in commercial operation.
The Happy Solar project has a long-term power purchase agreement with Conway Corp, the city-owned utility system in Conway, Ark. The Oxbow project has long-term power purchase agreements with corporate customers, including eBay.
“We are delighted to take our first step into the US solar market by acquiring these projects. This first transaction since our recent launch is an indication of our ambitious plans to scale onshore and offshore renewables for a sustainable future; we hope to build a broader onshore renewables portfolio in the US and globally,” said Richard Scott, VP for Development and Construction Onshore at JERA Nex.
“We are proud of the successful development of these solar farms and confident that they will continue to thrive under the stewardship of JERA Nex. Lightsource bp’s involvement in their operations through asset management services will further enable a seamless experience for our important project partners,” said Emilie Wangerman, Chief Operating Officer of Lightsource bp US.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW in 1H 2024 were transacted, compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Earlier this week, ORLEN Wind 3, a subsidiary of the ORLEN Group, entered into a preliminary agreement with EDP Renewables Polska, a renewable energy project developer, to acquire two solar PV projects with a total capacity of 280 MW located in the provinces of Zielona Góra and Poznań in Poland.
