October 26 (Solar) – Spain-based solar developer and operator X-Elio has acquired a 103-MW solar photovoltaic (PV) project in South Carolina from US-based National Renewable Energy Corp (Narenco) for an undisclosed sum.
Located in South Carolina’s Allendale County, the Lily Solar project is still under construction and is expected to become operational by the end of next year. X-Elio said in a press release on Thursday that it is arranging the tax equity and construction financing for the scheme with unnamed entities.
Following the acquisition, Narenco will provide engineering, procurement and construction (EPC) services and will also operate and maintain the plant, once commissioned. The solar park will supply electricity under a 20-year power purchase agreement (PPA) with South Carolina Electricity and Gas (SCE&G).
Jorge Barredo, chief executive of X-Elio, which is owned by investment firm KKR & Co LP (NYSE:KKR), said the deal is part of the company’s growth strategy in the US, which is one of the major markets for the X-Elio. The Spanish firm also has activities in the Middle East, Japan, South Africa, Latin America, Australia, Southeast Asia, Italy and Spain.