Hudson Clean Energy, Sky Solar Expand Partnership
- Sep 16, 2016
By Robert Demeter
New Jersey, N.J.—Hudson Clean Energy Partners and Sky Solar Holdings Ltd. have announced a new solar project partnership to acquire and build utility-scale commercial and industrial projects in the United States. This partnership marks the expansion of of the organizations’ 2015 collaboration in Latin America and Japan and will make use of the existing capital commitment of up to $100 million from Hudson.
The first acquisition in the joint venture is a 22 MW, 23-project portfolio of operating commercial and small utility-scale solar PV projects that sell power to businesses, municipalities and utilities located across California and Massachusetts.
The majority of these projects, which were acquired from a third party, came online in 2012 and have remaining power purchase agreement terms of more than 15 years, on average. Hudson and Sky Solar are also partnering to build and jointly own 82 MW of utility solar projects in Uruguay, which are expected to be completed in the second quarter of 2017.
“Extending our reach into the North American market is a logical next step for our organizations as we seek to build a stable portfolio of renewable projects in key markets around the world,” said Neil Auerbach, founder and managing partner of Hudson, in a prepared statement. “We will continue to pursue attractive investments in lucrative regions and anticipate a fruitful, long-term collaboration with Sky Solar.”
“Our strategic partnership with Hudson will only grow stronger as we continue to expand to the North American market,” added Sanjay Shrestha, chief investment officer of Sky Solar and president of Sky Capital Americas, in a statement.
Photo courtesy of Hudson Clean Energy website