Recurrent Energy, a subsidiary of Canadian Solar, has sold its equity stake in the 134 megawatt peak/100 megawatt AC Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management.
Located in California's Central Valley, Mustang produces enough clean electricity to power approximately 45,000 homes. Canadian Solar will continue to provide asset management services to the project.
This transaction completes Recurrent Energy's sale of equity stakes in the 973 megawatt peak portfolio of California solar projects that came online in 2016. The company expects to recognize the sales revenue from Mustang in the second quarter of 2019.
Community choice aggregators Sonoma Clean Power and MCE (formerly Marin Clean Energy) are the purchasers of the electricity from the Mustang project under long-term power purchase agreements. Mustang became the first utility-scale solar project fully contracted with community choice aggregators to obtain non-recourse financing in October 2015. Today, Recurrent Energy continues to lead the renewable energy industry in power contracts signed with community choice aggregators. Wood Mackenzie reported in its U.S. Utility PV Market: Quarterly Update – Q1 2019 that Recurrent Energy holds 42 percent of all signed electricity contracts with community choice aggregators.