ContourGlobal Scales up U.S. Renewables Presence With Acquisition of 446 MWp Solar PV Portfolio From Qcells

• ContourGlobal has acquired from Qcells a portfolio of 446 MWp of solar PV projects in Colorado (WECC) and Virginia (PJM), secured with long-term high-value utility PPAs
• The portfolio comprises two projects, one under construction and with near-term commercial operations, and another one in late development. Both projects have secured permits, grid connections, and procurement contracts.
• The projects will include solar modules manufactured at Qcells’ U.S.-based Dalton and Cartersville production facilities in Georgia. Qcells is also performing development, EPC, and O&M services as part of its total solutions provider capability.

ContourGlobal and Qcells have announced a strategic transaction for a U.S. solar PV portfolio located in Colorado and Virginia with an installed capacity of 446 MWp. This transaction expands ContourGlobal’s planned solar PV and BESS capacity in the United States to almost 1.5 GW, when combined with more than 1 GW of recently acquired projects in late development stage located in South Carolina and Arizona.

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Antonio Cammisecra, CEO ContourGlobal (Photo: Business Wire)

Mr. Antonio Cammisecra, CEO of ContourGlobal, commented, “This transaction allows us to maintain momentum in our U.S. renewable growth, nearing 1.2 GW of solar PV capacity complemented with additional 0.3 GW of BESS capacity, in construction or late development. It also meaningfully accelerates the start of our commercial operations to the first half of this year. We are proud of this milestone and delighted that our partnership with Qcells will also enable us to integrate their U.S.-produced solar technology into these acquired projects.”

This latest portfolio, acquired from Qcells, is composed of two solar PV plants totalling 446 MWp and extends ContourGlobal’s renewable footprint in WECC (Western Electricity Coordinating Council) and PJM (Pennsylvania-New Jersey–Maryland) interconnection markets, providing regional diversification. The Colorado assets include 324 MWp already in construction, while the Virgina-located project of 122 MWp is expected to start construction in 2026.

Mr. IP Kim, Qcells GES President, said, “We are proud to support ContourGlobal’s US expansion. This transaction showcases Qcells’ differentiated capabilities as a ‘total energy solutions provider’ to bring projects from development into operations. We are excited to explore other opportunities where Qcells’ full suite of capabilities can deliver value to partners like ContourGlobal.”

The projects are located in attractive markets with growing demand load, paired with retirements of thermal capacity and carbon emission reduction targets at policy and corporate levels which provides opportunities for renewables development.

In particular, the Colorado assets will provide electricity to Platte River Power Authority (Platte River), 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 MWp plant with commercial operation start estimated for the first half of 2025, and benefitting from a 22-year PPA. The second phase will bring an additional 139 MWp of capacity by 2026.

The Virgina 122 MWp project, is expected to start construction in 2026 and enter commercial operation in 2027, benefitting from a 20-year PPA with an investment grade investor-owned utility.

The total annual estimated production of the plants is more than 845 GWh, sufficient to power about 80,000 American households every year.

The agreement provides that Qcells will be responsible for the construction of the projects, which will include solar panels produced by the company at their Dalton and Cartersville facilities in Georgia. Qcells has one of the largest solar panel manufacturing facilities in the western hemisphere and, since 2019, its U.S. manufacturing capacity sits at 5.1 GW, and is expected to reach up to 8.4 GW.

Following this strategic acquisition, ContourGlobal’s total U.S. hybrid renewable capacity would reach approximately 1.5 GW - including approximately 1.2 GW of solar PV and 0.3 GW of BESS in all stages of maturity, from late development to construction. Notably, ContourGlobal also operates a 1.3 GW thermal portfolio spanning four states in the U.S.

CRC-IB served as exclusive buy-side advisor to ContourGlobal and Marathon Capital acted as exclusive financial advisor to Qcells for the transaction.

About ContourGlobal - ContourGlobal, a KKR Company, is an established Independent Power Producer (IPP) developing, acquiring and operating electricity generation and storage assets worldwide. Following the recently announced transactions, the company elevated its installed capacity under management, in late development or construction to around 7.8 GW. The footprint of the company now extends to 20 countries across Europe, Africa, Asia, North and South America. With a current share of renewables capacity of almost 50%, including capacity under construction or development, the company has committed to speed up the decarbonization of its portfolio with a sustainable transition of its thermal fleet, the repowering of existing renewable assets and the organic development of new renewable projects. ContourGlobal has gross pipeline of about 4.5 GW of development projects and a track record of 20 years of experience in partnering with communities, institutions and customers that benefit from its power supply through long-term contracts or innovative PPAs, coupled with energy management solutions.

About Qcells - Qcells USA provides complete utility-scale turnkey solutions through the entire project lifecycle from modules, solar and energy storage project development, and Engineering Procurement and Construction (EPC) services to the US utility-scale market. With a track record that includes 8.4 GW of sustainably produced module manufacturing capabilities in Georgia and nearly 2 GW of developed, constructed, and operating projects, Qcells USA is a dependable partner throughout the entire project lifecycle. Qcells USA is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top 7 business enterprise in South Korea. For more information, visit www.QcellsUSA.com and on LinkedIn.

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