Two further solar projects in the USA

05.03.2020

"Clear" and "Depot" in North Carolina and Virginia will have a combined capacity of 25.2 megawatts

 

Since December 2018, German private investors have the opportunity to invest in the global solar market through hep's first portfolio fund "HEP - Solar Portfolio 1". Through country-specific special AIFs, Portfolio 1 has already invested in two US projects as well as two Japanese projects. With the new developments, the total count comes up to two Japanese and four US projects which will have a combined installed capacity of 47 megawatts.

 

The new projects: "Clear" is situated in Rutherford County, North Carolina, and will have an installed power of 4.5 megawatts. A power purchase agreement guaranteeing a fixed price of USD 65 per MWh for 13 years was reached with listed energy provider Duke Energy with headquarters in Charlotte, North Carolina. "Depot" is situated in Campbell County, Virgina, and will have a capacity of 20.7 megawatts. The power purchase agreement with Appalachian Power guarantees a fixed price of USD 36.55 per MWh for 20 years. Appalachian Power in Charleston, West Virginia, is a regional branch of the listed energy provider American Electric Power, and supplies energy to more than a million customers in three US states.

 

Two earlier US projects, which were acquired at the beginning of this year, are already subject to land preparation.

 

US Solar Market: Currently, the United States are the second largest solar market worldwide. Due to energy policy being decided on state level, many states show high growth rates in renewable energy projects. Since 2016, over 10 gigawatts of solar energy are being added each year. Analysts from the US-American research company Bloomberg predict that 43 % of the US energy demand will be covered by solar and wind energy in 2050.

 

hep maintains an office in Portland, Maine, and has announced two strategic project development partnerships with ReNew Petra and Solops. Together, these joint ventures will bring more than 300 megawatts of distributed solar annually.