Canadian Solar subsidiary Recurrent Energy has sold 99% of an 102MW solar farm in the US state of North Carolina to NextEnergy Capital for an undisclosed price.
The NC102 project, which is located in Cabarrus County, was bought by NextEnergy Capital through its NextPower 3 institutional solar fund.
It reached commercial operation at the end of September 2018 and has a power purchase agreement with Duke Energy Carolinas.
Canadian Solar chairman and chief executive Shawn Qu said: “The NC102 project is Recurrent Energy’s second solar project in the North Carolina market and another example of the company’s ability to grow its US footprint.
“We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the US and look forward to continuing our collaboration in the US and other markets.”
Canadian Solar said it expects to recognize the revenue from the transaction in the fourth quarter of 2019.