PVTIME - Grasshopper Solar, a global developer and asset owner
headquartered in Canada, announced today the
acquisition of a 278 MWdc portfolio of solar projects in Pennsylvania from Glidepath Ventures, a leading clean
energy focused development and investment firm.
Glidepath Ventures originated the distributed generation
portfolio totaling 12 projects between 2017-2019 and under the transaction will
complete development, interconnection and permitting with anticipated
commercial operation dates in 2020, 2021, and 2022. Grasshopper Solar
will be the long-term owner-operator and will lead power marketing, funding,
including equity, debt and tax equity, EPC, and operations. Once operational,
the portfolio will nearly double the amount of solar assets currently operating
"Since 2017 Glidepath Ventures has developed more than
2GW of early stage project opportunities in PJM and other burgeoning
markets," said Geoffrey S. Underwood, a
Partner of Glidepath Ventures. "Glidepath is pleased to leverage its
scaled-origination platform with Grasshopper Solar".
"Grasshopper Solar is a global company that has successfully
developed, owns and operates significant portfolios of solar energy projects in
various markets around the world" said Jonathan
Persaud, Grasshopper Solar's Chief Development Officer. "Part of
our investment strategy in the United States is
to continue expanding into markets with local partnerships to further promote
the development of renewable energy in these jurisdictions. We are excited to
be entering the PJM market, which we believe has stable characteristics for
ongoing solar development. These projects will provide environmental and
economic benefits, while promoting more job opportunities for the American
people in the state of Pennsylvania."
Redwood Energy served as financial advisor on the
transaction. Orrick served as legal advisor to Grasshopper Solar. Greene
Hurlocker served as legal advisor to Glidepath Ventures.