The portfolio of projects have been purchased by a major clean energy-focused development and investment firm
Glidepath Ventures, an early-stage energy project development firm, has announced the sale of a portfolio of early-stage utility-scale solar projects in US with a combined capacity of 887.5MW.
The portfolio of projects, which are located in the regional transmission area PJM Interconnection (PJM), have been purchased by a major clean energy-focused development and investment firm.
The financial details of the acquisition and the acquired company name are undisclosed.
Glidepath Ventures has more than 2GW of solar projects
Glidepath Ventures partner Carl Jackson said: “Glidepath was founded in 2017 to create a highly scalable and efficient approach to the origination and development of renewable energy projects.
“This transaction underscores the success of our scaled origination platform, which we are now deploying with similar success in multiple markets across the United States.”
For the deal, Redwood Energy has acted as financial advisor to Glidepath Ventures, while GreeneHurlocker has served as legal counsel.
Headquartered in Ardmore, Pennsylvania, Glidepath Ventures focuses on scaled, efficient origination and development of renewable energy and energy storage projects in North America.
The firm holds more than 2GW of solar projects which are currently in different stages of development.
Glidepath Ventures partner Charles Silio said: “We’re very pleased to have placed this utility-scale project portfolio with a strong, capable developer who can carry these projects forward.
“Going forward, Glidepath will continue to build on our portfolio of more than 2.0GW of early- and mid-stage solar energy projects and to engage with best-in-class financial and operational partners.”
As per the terms of the deal, Glidepath Ventures will be responsible for the development, interconnection and permitting of the projects which are estimated to reach commercial operation in 2020, 2021, and 2022.