General Energy Solution Sells World’s Largest Airport Solar Farm For $24m

India
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Clean Capital has secured the projects, including the PV plant at Indianapolis International Airport.

United Renewable Energy has announced that its subsidiary, General Energy Solution, Inc, has sold two 100% owned subsidiaries under GES USA which hold a solar portfolio of about 13.2 MW to CleanCapital, a veteran investor in clean energy sector. The deal is worth about $24 million.

The solar portfolio included IND Solar Farm at the Indianapolis International Airport, which was completed in three phases, with a total size of 25.5 MW. It was the largest solar farm on airport real estate in the world. The Phase I sold in this deal used more than 44,000 solar panels, which can produce around 17 million kWh of power annually, enough to support the yearly demand of electricity for 2,000 households nearby.

Clean Capital is a financial technology company. Its growth has accelerated in the past 12 months, having invested more than $300 million to acquire more than 100 MW of distributed operating solar assets throughout the United States. CleanCapital now owns and operates 108 solar sites in 11 states. The company partnered with other well-known institutional investors in driving institutional investment into the rapidly growing distributed clean energy sector. Jack Chen, managing director of general energy solutions USA for the fund, said: “we are proud to work with an organization that so clearly demonstrates the capacity to invest in and effectively manage clean energy assets.”

Continuous global warming has led to further dramatic climate change events, which the UN has named the greatest threat facing mankind. This causes more financial institutions to increase investment in renewable energy, and URE to aggressively develop PV solar projects globally. As solar power stations can generate expected cashflows for more than 20 years, this type of investment can help with achieving Paris climate agreement goals.

Being the largest solar system developer in Taiwan, URE has more than 1 GW of solar system projects in the pipeline, and other projects contracted or under development all over the world. With growing lists of completed solar projects, as well as aggressive investment by financial institutions in renewable energy, its system business will become an important growth driver in the future of URE.

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