Adapture Renewables doubles portfolio with 333 MW solar acquisition
Adapture Renewables, Inc., a developer, owner, and operator of utility-scale solar and battery energy storage projects, has announced the acquisition of three solar projects in MISO territory in Illinois and Arkansas from TED Renewables. The projects, once constructed and operational, will add a total capacity of 333 MWac / 450 MWdc to the company’s existing portfolio of assets.
Illinois and Arkansas are rapidly growing solar markets and rank in the top third of U.S. states for megawatt growth projections over the next five years, according to the Solar Energy Industry Association. Once operational, the projects will more than double Adapture Renewables’ portfolio of operating assets to a total of approximately 800 MWdc. Together, these projects will generate enough clean energy to power more than 72 000 homes annually and will help avoid the carbon dioxide (CO2) emissions equivalent of 121 432 gas-powered cars driven for one year.
The projects will employ local contractors and businesses during the construction phase and will also continue to provide jobs during the operation and maintenance phase.
This is the company’s second major acquisition this year, and it represents Adapture Renewables’ expansion into new markets, as these are the company’s first projects in Illinois and Arkansas. All three of the acquired projects are currently in the pre-Notice to Proceed stage, with anticipated commercial operation dates slated for 2025 and 2026.
“Over the last five years, TED Renewables has successfully executed three exceptional projects, and we are thrilled Adapture Renewables will carry them forward to completion,” said Robert Shanklin, the President and CEO of Tyr Energy Development Renewables.
“These project acquisitions bolster our company’s mission to expand clean energy solutions and drive sustainability in the power generation sector,” added Christina Conrad, Senior Director of M&A at Adapture Renewables. “As we continue to grow, expanding into new markets presents an exciting opportunity to serve new communities, meet the need for clean energy, and deliver affordable electricity.”
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
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The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from TThéodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/solar/13122023/adapture-renewables-doubles-portfolio-with-333-mw-solar-acquisition/
