GCL New Energy, Inc. (“GCL New Energy”), a global developer, owner and operator of utility-scale solar assets, sold the 110MW utility-scale Pioneer Solar Project to Solar Frontier Americas (“Solar Frontier”), a leading US-based solar project developer and independent power producer.
The sale of this self-developed project represents another significant milestone for GCL New Energy, after the commissioning of their 83MW project in North Carolina and 50MW project in Oregon in 2017 and 2018 respectively. The project will be Colorado’s second-largest solar PV project once it is brought online in 2020. The transaction represents Solar Frontier’s continued success acquiring utility-scale solar assets following their most recent acquisition of the 210MW Mustang II solar project in California.
CohnReznick Capital acted as sole financial advisor to GCL New Energy in connection with the transaction.
“We are very excited to support GCL in the sale of this asset as they continue to develop high-quality solar projects globally,” said Britta von Oesen, Managing Director.
For additional details on this transaction, please contact:
Britta von Oesen
About GCL New Energy
GCL New Energy, Inc. is a U.S.-based international IPP subsidiary of GCL New Energy Holdings Ltd., listed in Hong Kong (0451.HK) with a market capitalization of $5.82Bn HKD (~$741MM USD). As of December 31, 2018, GCL New Energy had a total installed solar capacity of 7.3GW, ranking second in the world, and operated 211 power plants globally. The team has developed and acquired over 700MW of solar power plants (primarily in the U.S.) through greenfield development, acquisitions and joint ventures.
About Solar Frontier Americas
Solar Frontier Americas, a U.S. based subsidiary of Idemitsu Kosan Co., Ltd (a global energy solutions company), is a growing independent power producer, solar developer and module supplier. The vertically-integrated energy company acquires, develops, owns and operates high yield utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects. Part of a longstanding organization recognized internationally for their dedication to excellence in quality and service, SFA continues that tradition in their North American renewable energy business. Learn more at www.solar-frontier.com .
At CohnReznick Capital, we provide superior investment banking services to the sustainability sector. Since 2008, we have executed more than 130 project and corporate transactions for renewable energy assets, valued at over $19 billion in aggregate. We are wholly committed to the clean energy transition, and deliver exceptional services for financial institutions, infrastructure funds, strategic participants (IPPs and utilities), and leading global clean energy developers. Our team of experts help our clients break through the dynamic and evolving sustainability sector by simplifying project finance, M&A, capital raising, and special situations. To learn more, please visit https://www.cohnreznickcapital.com, follow @CR_Capital on Twitter, and connect with us on LinkedIn.