Conergy closes 28 MW solar portfolio in North Carolina

Leading downstream solar developer Conergy has completed the financial close of a 28 MW solar PV portfolio in North Carolina, working together with Holocene Clean Energy to raise funding for the portfolio.

Valued at $60 million, the five solar PV projects are all located in Eastern North Carolina, and construction was implemted in February on the plants in Johnston, Duplin and Franklin counties by developers ESA Renewables, Sunlight Partners and Community Energy.

Conergy and Holocene have since collaborated to take ownership of the projects, with each providing development and sponsor equity capital, as well as arranging further investment and state tax equity from two prominent U.S. banks.

The portfolio is another string to Conergy’s U.S. bow as the company continues its global expansion into many of the world’s leading downstream markets.

"Conergy is pleased at this opportunity to bring our global development, financing, and EPC capabilities to North Carolina, and to serve as sponsor in this significant endeavor," said Conergy’s regional business head for North America Anthony Fotopoulos. "Development partners are important to us at Conergy; we were able to capture local expertise by investing in the projects brought together by Holocene."

According to Conergy, the five solar plants will bring significant employment opportunities to their local communities, as well as boosting tax revenues and easing the burden on existing municipal power services.

Local utility Duke Energy – which has been a prominent figure in North Carolina’s solar revolution over the past 18 months or so – has already agreed a 15-year power purchase agreement (PPA) with Conergy for the portfolio.

Last month, German utility bought a sizeable stake in Conergy, generating additional capital for the downstream company to use for its international expansion efforts, said CEO Andrew de Pass.