Canadian Solar subsidiary Recurrent Energy has sold its remaining equity stake in the 100-megawatt Mustang solar project, a key resource for California’s flagship community-choice aggregators, to the Renewable Power Group of Goldman Sachs Asset Management.
Thursday’s deal completes Recurrent’s sale of equity stakes in the 973 megawatts of solar it brought online in 2016 in California. Financial terms were not disclosed, but Canadian Solar will report sales revenue from Mustang in the second quarter of 2019.
The deal, approved by federal regulators in late March, will include the sale of Recurrent’s Class B ownership interests in the 30-megawatt Mustang, 40-megawatt Mustang 3 and 30-megawatt Mustang 4 facilities, while passive tax equity investors will continue to own all noncontrolling Class A membership interests, according to S&P Global Market Intelligence.
Goldman Sachs Becomes Solar Supplier to California CCAs as Its Acquisition Spree Continues, by Jeff St. John, Greentech Media, May 16, 2019.