Grasshopper Solar, a global developer and asset owner headquartered in Canada, acquired a 278 MWdc portfolio of solar projects in Pennsylvania from Glidepath Ventures. Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania.
Glidepath Ventures is an early-stage energy project development firm. Founded in 2017 and headquartered in Ardmore, Pennsylvania, Glidepath Ventures focuses on scaled, origination and development of renewable energy and energy storage projects in multiple markets in the United States.
“Since 2017 Glidepath Ventures has developed more than 2 GW of early stage project opportunities in PJM and other burgeoning markets,” said Geoffrey S. Underwood, a Partner of Glidepath Ventures. “Glidepath is pleased to leverage its scaled-origination platform with Grasshopper Solar.”
Deal details
Glidepath Ventures originated this distributed generation portfolio totaling 12 projects between 2017-2019, and under the transaction will complete development, interconnection and permitting with anticipated commercial operation dates in 2020, 2021, and 2022. Grasshopper Solar will be the long-term owner-operator and will lead power marketing; funding, including equity, debt and tax equity; engineering, procurement and construction; and operations.
Grasshopper is excited to be entering the PJM market, which has stable characteristics for ongoing solar development.
“Grasshopper Solar is a global company that has successfully developed, owns and operates significant portfolios of solar energy projects in various markets around the world,” said Jonathan Persaud, Grasshopper Solar’s Chief Development Officer. “Part of our investment strategy in the United States is to continue expanding into markets with local partnerships to further promote the development of renewable energy in these jurisdictions.”
— Solar Builder magazine
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