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Denmark's PKA buys 260 MWp of solar capacity in California

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Denmark's PKA buys 260 MWp of solar capacity in California


October 25 (Solar) – Danish pension service provider Pensionskassernes Administration (PKA) has acquired the 49% passive equity stake held by Canadian Solar Inc (NASDAQ:CSIQ) in two solar parks in California totalling 530 MW.

More specifically, PKA has signed and executed a DKK-2-billion (USD 306m/EUR 268m) deal with Canadian Solar unit Recurrent Energy LLC to buy the minority stakes in the 272-MWp Garland and 258-MWp Tranquillity solar power plants in Kern County and Fresno County, respectively. The 49% stake equals 260 MWp of total capacity, according to the announcement.

The two photovoltaic (PV) plants have been operating since 2016, selling their output under a long-term contract. Southern Power owns the majority stake of 51% in the two assets.

"This is our first direct investment in solar energy, and it is an important addition to our investments in wind energy and biomass. By 2020 our ambition is to have 10 percent of our total investments allocated to climate related projects equivalent to 30 billion Danish kroner," said Peter Damgaard Jensen, CEO of PKA.

(DKK 1.0 = USD 0.153/EUR 0.134)


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