Grasshopper Solar, a global developer and asset owner headquartered in Canada, announced the acquisition of a 278 MWDC portfolio of solar projects in Pennsylvania from Glidepath Ventures, a clean energy-focused development and investment firm. Once operational, the portfolio will nearly double the amount of solar assets currently operating in Pennsylvania.
Glidepath Ventures originated the distributed generation portfolio totaling 12 projects between 2017 to 2019 and under the transaction will complete development, interconnection and permitting with anticipated commercial operation dates in 2020, 2021 and 2022. Grasshopper Solar will be the long-term owner-operator and will lead power marketing; funding, including equity, debt and tax equity; engineering, procurement and construction; and operations.
“Since 2017 Glidepath Ventures has developed more than 2 GW of early stage project opportunities in PJM and other burgeoning markets,” said Geoffrey S. Underwood, a Partner of Glidepath Ventures. “Glidepath is pleased to leverage its scaled-origination platform with Grasshopper Solar.”
“Grasshopper Solar is a global company that has successfully developed, owns and operates significant portfolios of solar energy projects in various markets around the world,” said Jonathan Persaud, Grasshopper Solar’s chief development officer. “Part of our investment strategy in the United States is to continue expanding into markets with local partnerships to further promote the development of renewable energy in these jurisdictions. We are excited to be entering the PJM market, which we believe has stable characteristics for ongoing solar development. These projects will provide environmental and economic benefits, while promoting more job opportunities for the American people in the state of Pennsylvania.”
Redwood Energy served as financial advisor on the transaction. Orrick served as legal advisor to Grasshopper Solar. Greene Hurlocker served as legal advisor to Glidepath Ventures.
News item from Glidepath Ventures
Bill Reno says
Dear Ms. Misbrener:
We purchased a 2-storey house in Whitby, Ontario which had a rooftop Grasshopper Solar array already in place. We assumed the lease of the system, which apparently is linked into a 20-year Ontario solar power resale program: (mICROFIT). The system has been in place for 7 years. Grasshopper sells the power generated to the municipal hydro system and maintains complete ownership and responsibility for the system until the government contract expires, at which point ownersip and responsibility reverts to whoever owns the house.
We were recently contacted by someone purporting to represent Grasshopper with an offer (to us) to purchase the array (at a “substantial discount of $31,000”) so that we would own it outright. We would then take over the contract and sell the power to the hydro. Grasshopper’s pitch is that it would add value to our house if we resell. Their estimate is that it would produce a ROI of 8-10%, though that is obviously a guess, given the very recent sharp decline in the local housing market.
May we ask if Solar Power World has heard of Grasshopper and this program or if there is somewhere else we might make this enquiry? Any information you can provide would be greatly appreciated.
Thank you.
Bill & Diane Reno