Sky Solar, the Hong Kong-based developer of solar parks, has announced that it is to enter into a strategic partnership with Hudson Clean Energy Partners (Hudson) to invest $100 million in developing solar PV projects in Latin America and Japan.
Hudson, a U.S.-based private equity firm that specializes in the development of renewable energy portfolios, will put forward $50 million towards the strategic partnership fund. These monies will be steered towards secondary market opportunities in Japan.
Hudson will also invest $50 million to be put towards the construction of around 128 MW of solar projects in the Latin American markets of Uruguay and Chile.
Upon the completion of these projects, Hudson will receive a 49% minority equity stake. Further, both parties will use the investment partnership to identify further suitable renewable assets in the U.S.
"In addition to near-term capital investment, we believe Sky Solar will benefit from Hudsons long tenure as an investor in the renewable energy sector and unmatched industry experience in this strategic partnership," said Sky Solar CIO Sanjay Shrestha.
Earlier this month Sky Solar augmented its financing pot for Japanese solar projects by more than $33 million, having struck a lucrative deal with TK Associate, which will work with Sky Solar subsidiary Sky Solar Japan to develop a PV project pipeline in Japan.
Following the announcement of this latest $100 million partnership, shares in Sky Solar jumped to a one-month high, rising 15% to reach $7.05 having plumbed record lows in August.