Multi-billion dollar investment firm ArcLight Capital Partners LLC is selling nine solar power projects to New Jersey firm NRG Energy for an undisclosed sum.
The projects, comprising 450 megawatts of capacity in California and Arizona, are being developed by US Solar Ventures Holdings, which is owned by the investment firm and US Solar’s own management.
NRG Solar said the projects ranged in size from 20MW to 99MW, with the potential to be operational between 2011 and 2013.
The acquisition should nearly double NRG’s development pipeline to 1,150MW.
David Crane, NRG President and Chief Executive Officer, said: “US Solar has developed a project pipeline that gives us strategic depth in promising solar markets in which there is a public policy commitment to use this zero-emission, domestic peak period energy source.”
ArcLight
US Solar said the sale to NRG would help with the commercial advancement of the projects.
Bob Looper, principal at US Solar said: “These projects will help meet the growing needs for solar power in the Western United States.”
Following closure of the sale, Boston-based ArcLight said it will continue as a private equity investor in the renewable energy sector, with more than $1.5 billion committed to the sector across its four funds.
Dan Revers, ArcLight’s managing partner, said: “The success of US Solar continues to demonstrate ArcLight’s ability to identify high growth, high return opportunities in renewables.”
