Canadian Solar Inc., one of the world's largest solar power companies, and Pensionskassernes Administration (PKA), one of Denmark's largest pension service providers, announced Recurrent Energy, LLC (Recurrent Energy), a wholly owned subsidiary of Canadian Solar, has finalized a transaction with PKA for its interests in two solar photovoltaic projects.
In a deal valued around 2 billion Danish kroner (US$307 million), PKA will acquire Canadian Solar's 49% passive equity stake in the Garland and Tranquillity solar facilities equivalent to 260 MWp. The transaction is PKA's first solar investment and was completed following an efficient sales process.
The above two projects, developed by Recurrent Energy, reached commercial operation in 2016 with long-term power purchase agreements in place. Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, through its majority owned subsidiary Southern Power Renewable Partnerships, LLC, owns the 51 percent majority stake. Southern Power will continue to provide asset management services on both projects.
The Tranquillity and Garland (shown above) facilities are located in Fresno County and Kern County respectively, and together power approximately 100,000 homes.