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Recurrent completes sale of 3 solar farms to Korean utility, private equity fund

Recurrent Energy LLC completed the sale of indirect equity interests in three solar projects totaling 235 MW to a Korean utility and private equity firm.

Under the deal, Korea Electric Power Corp. subsidiary KEPCO Mojave Holdings LLC partnered with the Corporate Partnership Fund, a Korean private equity fund also known as the COPA Fund, to acquire the 100-MW RE Astoria 1, the 75-MW RE Astoria 2 and the 60-MW RE Barren Ridge solar facilities in Kern County, Calif., according to a March 13 release.

The Canadian Solar Inc. subsidiary developed the three solar facilities and will also provide asset management services to support the projects as KEPCO shifts into its ownership role.

The solar projects sell their output under existing long-term power purchase agreements.

The transaction will not affect the indirect, passive noncontrolling class A membership interests in the facilities. Financial details of the deal were not disclosed.

In January, Canadian Solar cut revenue guidance for the fourth quarter of 2017 due to delays in selling six California solar projects.

Bank of America Merrill Lynch and Scotiabank Global Banking and Markets served as financial advisers to Recurrent Energy for the transaction.