Solar Q1 2024

NorthRenew Energy, a U.S.-based renewable and sustainable project developer, announced the sale of its Arco wind and solar project in Idaho to PacifiCorp, a grid operator in the western United States. The Arco Wind and Solar project is located in Bingham and Bonneville counties in Idaho and has a total capacity of over 300 MW.

Construction on the project is expected to commence in 2025, with commercial operations planned for late 2026.

Garth Klimchuk, NorthRenew’s Founder and Managing Partner, stated, “We are extremely pleased to complete this transaction with one of the largest utility companies in North America and to be working closely with their team to advance Arco to construction.”

The project is expected to enhance PacifiCorp’s diverse mix of generating resources across its six-state system and also provide benefits to the local communities and its landowner hosts. This transaction represents NorthRenew’s ninth project sale since the company’s inception in 2017.

Recently, Standard Solar, a solar energy company specializing in developing and financing solar electric systems, acquired an 84 MW community solar portfolio in Illinois from New Leaf Energy.

According to Mercom’s Annual and Q4 2023 Solar Funding and M&A report shows 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.

Grenergy, an independent solar and wind power producer, announced the sale of 97 MW of solar assets located in the department of Arequipa in Peru to Yinson Renewables, the renewables unit of the multinational energy infrastructure company Yinson, and 77 MW of wind assets in Peru to ENGIE Energía Perú. The combined value of the transaction amounts to $150 million, which could rise to $154 million depending on meeting certain operational milestones.