London-based power generation company ContourGlobal has announced its entry into the U.S. renewable energy market with the acquisition of two solar projects totaling 151 MW in South Carolina.
The projects, purchased from Virginia-based developer Sun Tribe Development, are in the late stages of development and are expected to commence commercial operations in 2029.
Both projects have secured long-term power purchase agreements (PPAs), and grid interconnection studies were completed prior to the acquisition.
The deal aligns with ContourGlobal's strategy to expand its renewable energy portfolio through organic development. Following the acquisition by KKR in 2022, the company plans to oversee the construction, operation, and maintenance of the plants.
“The acquisition of these solar PV assets, currently in the late development stage and supported by a valuable PPA with stable revenue, marks our entry into the U.S. renewables market, where we anticipate significant future growth,” said CEO Antonio Cammisecra.
This transaction also represents the first deal for ContourGlobal's newly formed global Business Development team, which aims to accelerate the company's growth in renewable energy and decarbonize its thermal portfolio.
Currently, ContourGlobal manages over 5.6 GW of installed capacity across 18 countries, with renewable capacity accounting for less than 30%.
