British power generation company ContourGlobal has acquired a 446 megawatts peak (MWp) solar photovoltaic (PV) portfolio in the US, expanding its renewable energy footprint.
The portfolio, acquired from Qcells, includes two solar PV plants in Colorado and Virginia, boosting ContourGlobal’s planned US solar PV and battery energy storage capacity (BESS) capacity to almost 1.5GW.
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This adds to more than 1GW of recently acquired projects in South Carolina and Arizona, currently in late development.
The Colorado assets, totalling 324MWp, are already under construction, while the Virginia project, with a capacity of 122MWp, will begin construction in 2026.
The acquisition extends ContourGlobal’s renewable operations within the Western Electricity Coordinating Council (WECC) and the Pennsylvania-New Jersey–Maryland (PJM) interconnection markets.
The expansion offers regional diversification and access to areas with increasing demand for electricity, alongside thermal capacity retirements and carbon emission reduction targets.
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By GlobalDataThe Colorado projects will supply electricity to the Platte River Power Authority under a long-term power purchase agreement (PPA).
The first phase, a 185MWp plant, is expected to commence operations in the first half of 2025, with a 22-year PPA in place. The second phase will add 139MWp of capacity by 2026.
The Virginia project, expected to begin operations in 2027, will benefit from a 20-year PPA with an investment-grade investor-owned utility.
These plants are projected to produce more than 845 gigawatt hours annually, enough to power 80,000 American households.
ContourGlobal CEO Antonio Cammisecra stated: “This transaction allows us to maintain momentum in our US renewable growth, nearing 1.2GW of solar PV capacity complemented with additional 0.3GW of BESS capacity, in construction or late development.
“It also meaningfully accelerates the start of our commercial operations to the first half of this year. We are proud of this milestone and delighted that our partnership with Qcells will also enable us to integrate their US-produced solar technology into these acquired projects.”
Qcells will oversee the construction of the projects, which will utilise solar panels manufactured at their facilities in Georgia. Qcells has one of the largest solar panel production capacities in the western hemisphere, which is expected to increase to 8.4GW.
CRC-IB served as the exclusive buy-side advisor to ContourGlobal, while Marathon Capital was the exclusive financial advisor to Qcells.
Qcells GES president IP Kim said: “We are proud to support ContourGlobal’s US expansion. This transaction showcases Qcells’ differentiated capabilities as a total energy solutions provider to bring projects from development into operations. We are excited to explore other opportunities where Qcells’ full suite of capabilities can deliver value to partners like ContourGlobal.”
