The independent power producer acquired utility-scale solar projects in Colorado and Virginia.
ContourGlobal announced it has secured 446 MW of utility-scale solar projects in Colorado and Virginia from Qcells, a solar module manufacturer and project developer. The portfolio is large enough to produce the equivalent electricity demand of about 80,000 homes annually.
The solar projects in Colorado are interconnected with the WECC grid operator, while the Virginia projects are in PJM territory. Projects in both regions are secured with long-term power purchase agreements (PPA). Both projects have secured permits, grid connections and procurement contracts.
Black Hollow Sun is a 324 MWp solar project currently under construction in Colorado. A spokesperson for Contour Global told pv magazine USA that this project “has generated a peak of around 400 jobs, though currently fewer than 300 workers are actively involved.”
The Virginia-located project of 122 MWp is expected to start construction in 2026.
The Colorado assets will provide electricity to Platte River Power Authority, a community-owned public power generation and transmission utility, under a long-term power purchase agreement. The first phase of the project, currently under construction in Northern Colorado, is a 185 MW facility with commercial operation start estimated for the first half of 2025, with a 22-year PPA. The second phase will bring an additional 139 MW of capacity by 2026.
The Virgina project has 122 MW capacity and is expected to start construction in 2026 and enter commercial operation in 2027. It has secured a 20-year PPA with an investment grade investor-owned utility.
Both projects in the 446 MW portfolio will include solar modules manufactured by Qcells in its U.S. facilities in Georgia. Qcells is also performing development, engineering, procurement and construction (EPC), and operations and maintenance services.
“This transaction showcases Qcells’ differentiated capabilities as a ‘total energy solutions provider’ to bring projects from development into operations,” said IP Kim, president and chief executive officer, Qcells USA.
Qcells has a 5.1 GW annual solar module manufacturing capacity in the United States, with plans to grow to 8.4 GW annually.
The portfolio transaction brings CountourGlobal’s investment in U.S. utility-scale solar and energy storage to about 1.5 GW, adding to the 1 GW of recently acquired late-stage projects in South Carolina and Arizona.
CRC-IB served as exclusive buy-side advisor to ContourGlobal and Marathon Capital acted as exclusive financial advisor to Qcells for the transaction.
CountourGlobal is an Independent Power Producer (IPP) developing, acquiring and operating electricity generation and storage assets worldwide. The company has assets in 20 countries, has a gross project pipeline of 4.5 GW, and renewables have about a 50% share in its portfolio in addition to its fossil fuel assets.
