The transaction adds a high-quality solar asset and diversification to the Novatus Energy portfolio.
NEW YORK, NY. May 16, 2017 – Novatus Energy, a leading North American renewable energy company, today announced the acquisition of the 156 MWdc Comanche photovoltaic solar project in Pueblo County, CO.
The Comanche solar power plant is the largest solar facility in Colorado, producing more than 300 gigawatt-hours of energy annually, enough to power approximately 30,000 Colorado homes. The solar power plant will avoid the emission of more than 569 million pounds of carbon dioxide, the equivalent of taking more than 54,000 passenger vehicles off the road.
The project, which began commercial operations in September, 2016, has a 25-year power purchase agreement in place with Public Service of Colorado, a subsidiary of Xcel Energy. The power purchase agreement was awarded as part of an open solicitation where the Comanche solar project was selected as a preferred provider to other competitive forms of energy, including natural gas.
The acquisition represents the continued expansion and diversification of Novatus Energy’s utility-scale wind and solar operating portfolio, which at present includes 7 wind projects and a portfolio of 25 solar PV projects. With today’s acquisition, the portfolio has a total installed capacity of 1,586 MW and spans across 11 states and 5 regional transmission organizations in the US.
Steve Doyon, CEO of Novatus Energy, commented “We are very pleased to bring the Comanche solar project into our operational portfolio. The Comanche acquisition adds a high-quality asset with long-term stable cash flows, a reputable offtaker, robust technology, and a permanent capital structure. We look forward to continuing to expand our portfolio with similar high-quality acquisitions in the near future”.
About Novatus Energy
Novatus Energy is a North American privately-held renewable energy platform that currently owns interests in a 1.6 GW portfolio of operational wind and solar projects in the US, consisting of 7 wind projects (1,043 MW) and a portfolio of 25 solar PV projects (543 MWac). Headquartered in New York City, Novatus Energy is wholly owned by institutional investors advised by J.P. Morgan Asset Management. For more information, please visit www.novatusenergy.com.
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