PKA has agreed to acquire Canadian Solar’s 49% passive equity stake in the Garland and Tranquillity solar facilities. Credit: chuttersnap on Unsplash.

Danish pension service provider Pensionskassernes Administration (PKA) has agreed to acquire Canadian Solar‘s 49% passive equity stake in the Garland and Tranquillity solar facilities for kr2bn ($304m).

PKA finalised the deal with Recurrent Energy, a wholly owned subsidiary of solar photovoltaics (PV) manufacturer Canadian Solar.

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PKA chief executive Peter Damgaard Jensen said: “At PKA, we are strongly committed to investing in a greener and more sustainable future while securing good returns for our members. Therefore, we are delighted to partner with Canadian Solar and Recurrent Energy and add yet another green energy investment to our portfolio.

“This is our first direct investment in solar energy, and it is an important addition to our investments in wind energy and biomass. By 2020, our ambition is to have 10% of our total investments allocated to climate-related projects equivalent to kr30bn ($4.58bn).”

Investment in the two solar PV projects is reported to be the first for PKA and was completed following an efficient sales process.

"By 2020, our ambition is to have 10% of our total investments allocated to climate-related projects equivalent to kr30bn ($4.58bn)."

Located in Fresno County and Kern County, California, the Tranquillity and Garland facilities together generate an energy equivalent to 260 megawatt-peak (MWp) that will be sufficient to power nearly 100,000 homes.

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Developed by Recurrent Energy, the two solar PV projects reached commercial operation in 2016, and already have long-term power purchase agreements (PPAs) in place.

Canadian Solar chair and CEO Shawn Qu said: “As more pension funds find value in utility-scale solar, we are proud to partner with PKA to build upon its energy investments.

“The Recurrent Energy team continues to develop assets for world-class investors that are focused on adding high-quality assets to their portfolios. We will continue to partner with likeminded investors across our global pipeline of solar projects.”

Southern Power, which owns the remaining 51% majority stake in Tranquillity and Garland facilities through its majority-owned subsidiary Southern Power Renewable Partnerships, will continue to provide asset management services to the projects.