U.K-based Magnetar Solar has purchased Solarcentury’s 71-megawatt pipeline of solar photovoltaic projects, and has selected Solarcentury to build an additional 40MW of projects.
Financial details of the deal were not disclosed. The companies have agreed to construct eight solar farms with a total capacity of 111 MW. The portfolio developed by Solarcentury and sold to Magnetar Solar consists of four sites ranging from 7MW to 28MW.
The companies have also signed agreements for the construction of four sites from Magnetar Solar’s existing portfolio totalling 40MW. All of the projects are expected to be constructed prior to the end of March 2015. Solarcentury will act as the principal engineering, procurement and construction contractor as well as operation and maintenance provider for all of these projects.