British power generation company Contourglobal has acquired a 446MW solar (PV) portfolio in the US, expanding renewable energy emissions.
The portfolio, acquired from QCells, includes two solar PV plants in Colorado and Virginia, boosting Contourglobal’s planned solar and BESS capacity to approximately 1.5 GW.
This adds to more than 1GW of recently acquired projects in South Carolina and Arizona, currently late in development.
The Colorado assets, totaling 324 MW, are already under construction, while the Virginia project, with a capacity of 122 MW, is scheduled to begin construction in 2026.
This acquisition expands Cintourglobal’s renewable operations within the Western Electricity Coordinating Council (WECC) and Pennsylvania-New Jersey-Maryland (PJM) interconnection markets.
This expansion provides regional diversification and benefits from regions with increasing electricity demand, coupled with thermal capacity retirement and carbon emission reduction targets.
The Colorado projects will provide electricity to the Platte River Power Authority under a long-term power purchase agreement (PPA).
The first phase, a 185 MW plant, is expected to begin operations in the first half of 2025, with a PPA of 22 years. The second phase will add 139 MW of capacity by 2026.
The Virginia project, which is expected to begin operations in 2027, will benefit from a 20-year PPA through an investor-owned vehicle.
These plants are expected to produce more than 845 GPH per year, enough to power about 80,000 American households each year.
Contourglobal CEO Antonio Cammisecra said: “This transaction allows us to maintain momentum in our renewed growth in the US, approaching 1.2 GW of solar PV capacity with an additional 0.3 GW of BESS capacity, in construction or late development.
“It also meaningfully accelerates the start of our commercial operations to the first half of this year. We are proud of this milestone and pleased that our partnership with QCells will also enable us to integrate US-produced solar technology into these acquired projects.”
QCells will oversee construction of the projects, which will use solar panels manufactured at its facilities in Georgia. The company says QCells has one of the largest solar panel production capacities in the Western Hemisphere, which is expected to rise to 8.4gw.
CRC-IB served as the exclusive lead advisor to Contourglobal, while Marathon Capital was the exclusive financial advisor to QCells for this transaction.
QCells GES President IP Kimsaid: “We are proud to support Contourglobal’s expansion into the US. This transaction showcases QCells’ differentiated capabilities as a ‘Total Energy Solutions Provider’ to bring projects from development to operations. We are excited to explore other opportunities where QCells’ full suite of capabilities can deliver value For partners like Contourglobal.”
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