Grasshopper Solar, a global developer and asset owner headquartered in Canada, announced today the purchase of a 278 MWdc portfolio of solar projects in Pennsylvania from Glidepath Ventures, a leading fresh energy focused investment and development firm.
Glidepath Ventures originated the distributed generation portfolio totaling 12 jobs between 2017-2019 and under the transaction will complete development, interconnection and permitting with expected commercial operation dates in 2020, 2021, and 2022.
Grasshopper as long-term, Canadian solar operator
Grasshopper Solar will be the long-term owner-operator and will lead power promotion, funding, such as equity, debt and tax equity, EPC, and operations. Once operational, the portfolio will nearly double the amount of solar resources presently operating in Pennsylvania.
Geoffrey S. Underwood, a Partner of Glidepath Ventures
“Since 2017 Glidepath Ventures has developed more than 2GW of early stage project opportunities in PJM and other burgeoning markets. Glidepath is happy to leverage its own scaled-origination platform with Grasshopper Solar“.
“Grasshopper Solar is an international company that has successfully developed, owns and operates significant portfolios of solar power projects in various markets across the globe” stated Jonathan Persaud, Grasshopper Solar’s Chief Development Officer.
“Part of our investment strategy in the United States is to keep on expanding into markets with local partnerships to further boost the development of renewable energy in these jurisdictions.
We are excited to be entering the PJM market, which we believe has stable characteristics for ongoing solar improvement. These projects can provide environmental and financial advantages, while promoting greater job opportunities for the American people in the state of Pennsylvania.”
Solar Energy Advisors
Redwood Energy functioned as financial advisor on the transaction. Orrick served as legal advisor to Grasshopper Solar. Greene Hurlocker served as legal adviser to Glidepath Ventures.
