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ContourGlobal and Qcells have entered into a strategic agreement for a 446 MW solar PV portfolio located in Colorado and Virginia. This acquisition increases ContourGlobal’s planned U.S. solar PV and battery energy storage system (BESS) capacity to nearly 1.5 GW, including more than 1 GW of recently acquired late-stage development projects in South Carolina and Arizona. The transaction underscores ContourGlobal’s commitment to expanding its renewable energy presence in the United States. ContourGlobal has expanded its renewable energy footprint with the acquisition of a 446 MW solar PV portfolio from Qcells, further diversifying its presence across the WECC (Western Electricity Coordinating Council) and PJM (Pennsylvania-New Jersey–Maryland) interconnection markets. The portfolio includes 324 MW of solar projects already under construction in Colorado and a 122 MW project in Virginia, set to begin construction in 2026. This strategic acquisition enhances regional diversification and reinforces ContourGlobal’s commitment to renewable energy growth. Mr. Antonio Cammisecra, CEO of ContourGlobal, stated, “This transaction allows us to maintain momentum in our U.S. renewable growth, nearing 1.2 GW of solar PV capacity complemented with additional 0.3 GW of BESS capacity, in construction or late development. It also meaningfully accelerates the start of our commercial operations to the first half of this year. We are proud of this milestone and delighted that our partnership with Qcells will also enable us to integrate their U.S.-produced solar technology into these acquired projects.” Mr. IP Kim, Qcells GES President, mentioned, “We are proud to support ContourGlobal’s US expansion. This transaction showcases Qcells’ differentiated capabilities as a ‘total energy solutions provider’ to bring projects from development into operations. We are excited to explore other opportunities where Qcells’ full suite of capabilities can deliver value to partners like ContourGlobal.” The projects are located in regions with growing energy demand, driven by the retirement of thermal power plants and carbon emission reduction goals, offering significant opportunities for renewable energy development. In Colorado, the first phase of a 185 MW solar plant in Northern Colorado is under construction and is expected to begin operations in early 2025 under a 22-year power purchase agreement (PPA) with Platte River Power Authority, a community-owned utility. The second phase will add 139 MW of capacity by 2026. In Virginia, a 122 MW solar project is set to begin construction in 2026 and start operations in 2027, supported by a 20-year PPA with an investment-grade utility. Combined, these projects will produce over 845 GWh annually, enough to power approximately 80,000 U.S. households. Qcells will handle construction, utilizing solar panels manufactured at its facilities in Georgia, with current U.S. production capacity of 5.1 GW expected to grow to 8.4 GW. Following this acquisition, ContourGlobal’s U.S. hybrid renewable capacity will increase to 1.5 GW, including 1.2 GW of solar PV and 0.3 GW of battery energy storage systems across various development stages, complementing its 1.3 GW thermal portfolio in four states. CRC-IB advised ContourGlobal on the acquisition, while Marathon Capital served as Qcells’ financial advisor. |
