Competitive Power Ventures (CPV) acquired two solar projects from Belltown Power to the tune of 460 MW. The transaction includes the 360 MW Prairie Dock Solar project in Illinois, and the 100 MW Stonecrop Solar project in Kentucky.
CPV has roughly 3 GW of renewable energy projects under development. Prairie Dock and Stonecrop solar are expected to begin construction second half 2023.
Illinois, which the Solar Energy Industries Association (SEIA) reports as having invested $1.5 billion in solar, has a cumulative installed capacity of less than 700 MW. The 360 MW Prairie Dock project would help the state take a step closer to its renewable portfolio standard that requires 25% renewable energy generation by 2025.
Kentucky has 64.4 MW of installed capacity, landing at 47th in SEIA’s state solar rankings. However, its growth projection of 815 MW over the next 5 years ranks 36th in the nation. SEIA reports a $125 million investment in solar in the state of Kentucky, a number that is likely to rise precipitously in the next several years.
Belltown is a solar developer working primarily in the PJM and ERCOT regions, starting operations in the USA in late 2016. The firm primarily operates greenfield development projects and typically advances its projects through notice to proceed and commercial operation date. The company has a track record of 14 transactions involving over 2.5 GW of generation and storage, and has a pipeline of 30+ projects totaling 5 GW or more, it said.
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