August 30 (Solar) – Copenhagen Infrastructure Partners (CIP) has started construction on two solar photovoltaic (PV) projects in the US with a combined capacity of 298 MW, the fund manager said on Wednesday.
CIP is building the 240-MW Misae project in Texas and the 58-MW Sage scheme in Utah — the first of CIP's US solar portfolio of about 1.1 GW to enter construction — on behalf of the Copenhagen Infrastructure III (CI III) fund.
These are the first large-scale solar projects in CIP's renewable energy portfolio and will complement investments in onshore and offshore wind and other renewables technologies, according to the announcement.
The Misae project, acquired by the firm earlier this year, is located near the city of Childress and is expected to become operational in the fourth quarter of 2019. It will use panels provided by Jinko US Inc and will be constructed and maintained by MA Mortenson Co. The project has a power price hedge with a financial institution, which, CIP said, is one of the first of such hedges for a solar project.
The Sage project, located in Rich County, was acquired from a local developer in April last year as part of a larger portfolio and is expected to come online in August 2019. It has a long-term power purchase agreement (PPA) with PacifiCorp subsidiary Rocky Mountain Power. First Solar Inc (NASDAQ:FSLR) will be providing the modules, as well as operation and maintenance services, while RES America Construction Inc is in charge of the engineering, construction and procurement.
CIP expects to secure third-party tax equity funding for the two sites.