Capital Dynamics is to acquire stakes that US energy company LS Power holds in three solar photovoltaic plants totalling 128MW.
The assets in the deal are the 10MW Dover Sun Park in Delaware, the 38MW Arlington Valley Solar Energy 2 plant in Arizona, in which LS Power holds a 30% stake, and the 170MW Centinela solar farm in Imperial County in California.
The transaction is slated to close in the fourth quarter of this year.
LS Power was the original developer of these projects, which entered commercial operations in 2011, 2013 and 2014 respectively.
LS Power renewables head John King said: “When we began work on these projects a dozen years ago, we established ourselves as a market leader in utility scale solar development in the US.
“At that time, these projects were considered audacious in scope and scale, and the development and execution was challenging.
“We are proud of what we accomplished and pleased that Capital Dynamics, an experienced owner and operator of solar generation, will approach their stewardship of these projects with a similar long-term orientation.”
LS Power CEO Paul Segal added: “We remain dedicated to serving the needs of a rapidly evolving power grid and are redoubling our efforts to provide resources which can serve to decarbonise our economy.
“LS Power can maximize its contribution to decarbonisation by continuing to develop incremental utility scale renewable generation, beyond our ongoing development efforts in battery storage and high voltage transmission.
“With that focus, we have established a new programmatic effort to develop, build, own and operate the renewable projects that will power the nation’s grid for decades to come.
“We intend to do this in scale, are adding to our team, and plan to deploy significant capital in order to execute on this vision.”