ContourGlobal enters US market with 151MW solar acquisition

UK-based independent power producer ContourGlobal has entered the US renewables market with the acquisition of a 151MW solar portfolio composed of two projects in South Carolina.

The portfolio was acquired from utility-scale solar developer Sun Tribe Development and involves the transaction of late-stage development assets, with commercial operation planned to start in 2029.

The projects have signed long-term PPAs, and all grid interconnection studies have been completed at the time of the transaction.

At peak capacity, the two solar PV plants will produce more than 272,000MWh/year and provide enough electricity to power almost 26,000 households.

The deal aligns with ContourGlobal’s strategy of growing in renewables through the organic development of new projects, and the company will be responsible for the construction, operation and maintenance of the plants.

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The green power produced by the future plants will avoid emissions of almost 109,000 tonnes of CO2 per year, the equivalent of removing the combined emissions of more than 23,000 passenger vehicles every year.

Antonio Cammisecra, ContourGlobal CEO commented, “The acquisition of these solar PV assets, currently in the late development stage and supported by a valuable PPA with stable revenue, marks our entry into the US renewables market, where we anticipate significant future growth.

"This transaction, with a reliable development partner such as Sun Tribe, is the first success of ContourGlobal’s newly formed global Business Development team, which fully focuses on accelerating our growth in renewables and on the progressive decarbonisation of our thermal portfolio. Our Engineering & Construction is now tasked with ensuring smooth project execution and harvesting the latest technological improvements that will come to the market as we begin construction.”

Danny Van Clief, Sun Tribe Development CEO commented: “As the developer of record for this portfolio, this transaction epitomizes our business plan in the region. We view ourselves as working in service of landowners, communities, offtakers, and sophisticated owner-operators such as ContourGlobal. We are accordingly grateful to have achieved this important milestone and wish our partners full success during construction and operation.”