Coronal Energy divests Fusion Solar Center to DE Shaw Renewable
DE Shaw Renewable Investments (DESRI), in partnership with Bright Plain Renewable Energy (BPRE), has acquired the Fusion Solar Center project from Coronal Energy.
Financial details of the acquisition have not been disclosed.
Expected to begin commercial operation in fourth quarter of this year, Fusion Solar Center is a 20 MW-ac facility located in the town of Sprague, Connecticut in the US.
DESRI chief executive officer Bryan Martin said: “We are very excited to expand our energy portfolio into Connecticut.
“We acquired the Fusion Solar project with the goal of providing clean and cost-efficient green energy to Connecticut’s residents and businesses, while creating local jobs as we begin construction.”
Estimated to produce approximately 40 million kilowatt hours of power each year, the facility has 20-year power purchase agreements in the state with Eversource Energy and The United Illuminating Company.
Coronal Energy chief commercial officer said: “This project demonstrates our commitment to developing quality, investment-grade utility-scale solar projects in North America.
“We’re likewise delighted to be a part of delivering clean, affordable energy in Connecticut, a market where we have succeeded in the past and are committed to for the future as well.”
DEPCOM Power will act as the engineering, procurement and construction contractor along besides offering maintenance services to the facility once it becomes operational.
DESRI and its affiliates own and manage long-term contracted renewable energy assets in North America.
The firm's portfolio includes more than 27 projects, totaling about 1,300MW of capacity.