Energy and Natural Resources

Korean Utility Buys California Solar Projects

13 March 2018

A unit of Canadian Solar Inc. is selling three solar photovoltaic projects totaling 235 MWac/309 MWp to Korea Electric Power Corp., South Korea's largest electric utility.

The deal includes the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp) and Barren Ridge (60 MWac/78 MWp) projects in southern California.

The purchase marks KEPCO's largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund, to make the acquisition.

Recurrent Energy is a unit of Canadian Solar and developed the three projects, which reached commercial operation in 2016. All three have long-term power purchase agreements. Under terms of the deal, Recurrent will provide asset management services as KEPCO moves into its ownership role.

KEPCO has 79,000 megawatts of generating capacity, which is 75 percent of South Korea's total capacity. At the end of 2017, KEPCO was developing and operating 39 energy projects in 24 countries, with total power capacity of 25,153 MW.

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