US-based solar and energy storage project developer Recurrent Energy has completed the sale of the 74.8MW solar photovoltaic project in North Carolina to NextEnergy Capital.

Through its NextPower III institutional solar fund, NextEnergy Capital has indirectly purchased 99% of the partnership that owns the Class B membership interest in solar project which has 102MW of peak capacity.

The debt and tax equity financing for the project was provided by Prudential Capital Group and U.S. Bancorp Community Development Corporation to Recurrent Energy in May 2018.

The solar project has a power purchase agreement with Duke Energy Carolinas and it is estimated to generate enough clean solar power to meet the electricity demand of almost 12,000 homes.

Canadian Solar chairman and CEO Shawn Qu said: “The NC 102 project is Recurrent Energy’s second solar project in the North Carolina market and another example of the Company’s ability to grow its U.S. footprint.

“We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets.”

The North Carolina solar project, which entered into commercial operations at the end of September 2018, is claimed to be one of the largest operating solar projects in North Carolina.

Canadian Solar expects to recognise the revenue from the deal in the fourth quarter of this year.

Recurrent Energy has 7GW of solar and storage projects in development in US

The utility-scale solar and energy storage project developer, Recurrent Energy is a wholly owned subsidiary of Canada-based solar PV modules manufacturer Canadian Solar.

The company has around 7GW of solar and storage projects in development stage in the US.

Recently, the parent company secured two solar photovoltaic (PV) projects with a combined capacity of 190.5MW in the seventh federal auction conducted in Brazil.

The two projects include the 152.4MW Gameleira project located in the State of CearĂ¡ and the 38.1MWp Luiz Gonzaga Project in the State of Pernambuco.