Capstone Infrastructure Corporation has acquired a 51% interest in the 132MW Claresholm solar farm in Alberta, Canada, from Perimeter Solar for an undisclosed price.
The remaining 49% is indirectly held by Danish renewable energy investor Obton.
Construction of Claresholm, which will be located in Willow Creek, will start in the spring of this year.
The project has received regulatory approvals from the Alberta Utilities Commission and has executed a 74MW power purchase agreement with TC Energy Corporation.
Capstone chief executive David Eva said: “We are very excited to work alongside Obton and Perimeter to deliver this groundbreaking project, which, when complete, will be Canada’s largest solar facility.
“Claresholm is an ideal fit for Capstone as we expand our presence in Alberta and grow our renewables business.”
Obton chief executive nders Marcus said: “Obton is extremely pleased with the partnership with Capstone on this very exciting PV project.
“We are both value-based companies that cherish integrity and honesty, which we see as two of the cornerstones of our collaboration.
“Realising this project together will help creating a sustainable energy mix in Southern Alberta.”
Perimeter business development director Philipp Andres said: “The Perimeter team is very pleased with the sale of the Claresholm solar project into the capable hands of Capstone and Obton.
“Having originated and developed the project to this stage, it is a very rewarding experience for Perimeter to see the project move into the construction phase.
“We are confident the project will prove its value to the new project owners as well as to the landowners hosting the project and the local community.
“The project represents many firsts for solar energy in Canada and Alberta, and we eagerly anticipate the project becoming fully operational.”
Capstone owns and operates, approximately 541MW of installed capacity across 24 facilities in Canada, including wind, hydro, solar, biomass and natural gas plants.