Canadian Solar Inc affiliate Recurrent Energy Group Inc. has completed the sale to Falck Renewables S.p.A. of 99% of indirect controlling interests in the 71-MW Innovative Solar 42 power plant.
Falck Renewables purchased the stake in NC 42 LLC, which owns the solar farm located in Cumberland and Bladen counties, N.C., and is a subsidiary of Canadian Solar, on Dec. 1, according to a notification filed with the Federal Energy Regulatory Commission. The deal has an announced value of $42.8 million.
The facility will sell its output to Duke Energy Corp. utility Duke Energy Progress LLC under a 10-year power purchase agreement. It is expected to achieve commercial operation in September.
FERC approved the transaction on Nov. 8, according to a Dec. 6 filing.
