Recurrent Energy LLC and Falck Renewables S.p.A. announced the closing of the sale of 99 percent of the partnership that owns the Class B membership interest in the 92MWp/71MWac IS-42 solar project. Falck Renewables indirectly acquired 99 percent of the interests through its wholly owned subsidiary Falck Renewables IS 42 LLC, for an all-cash outlay of approximately 43 million U.S. dollars.
"The closing of our first deal in the U.S. energy market represents a major milestone for our team who has been working relentlessly from the beginning of the year on strategic geographic expansion," said Toni Volpe, chief executive officer of Falck Renewables. "Recurrent Energy has been an outstanding partner on our first opportunity to grow our assets outside Europe."
"The IS-42 project is Recurrent Energy's first solar project in the North Carolina market and another example of the company's ability to grow its U.S. footprint," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very pleased to partner with Falck Renewables on their first project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets."