15 largest transactions of operational portfolios/plants in North America

As a preparation for Solar Asset Management North America 2016, Solarplaza has tracked down the 15 largest solar PV plant and portfolio transactions that took place in North America.

For every transaction, we collected information about seller, buyer, value of the transaction, project size and number of plants (if a portfolio transaction), country and deal date.

Some quick observations about the data shown in the table:

  • Canadian Solar is the most represented company, appearing 5 times as the seller and only once as the buyer. This makes it the most 'active' company in the North American secondary market, according to this overview.
  • TerraForm Power is represented in the list 4 times, always as the buyer and in one occasion buying from its mother company SunEdison.
  • Despite the big difference in market size between US and Canada, 7 out of 15 transactions are related to Canadian assets. This could indicate this market has, so far, shown more favorable conditions for secondary market transactions.

As a side note, please be aware some transaction values are rough estimations, based on average known transaction values for other plants of similar size.

Ranking Seller Buyer Transaction (M$) Project Size (MWp) Number of PV Plants Country Date
1 Dominion TerraNova 300 231.00 11 USA 1/20/2016
2 Capital Dynamics TerraForm Power 250 77.60 39 USA 11-4-2014
3 FLS Energy sPower 100 63.10 16 USA 3-11-2015
4 " KKR" CSIQ 204 59.80 3 Canada 10-5-2015
5 SunEdison TerraForm Power 47 26.00 21 USA 1-7-2015
6 Hanergy PSEG Solar 71 (est.) 25.40 1 USA 8/26/2015
7 Invenergy TerraForm Power 70 (est.) 25.00 2 Canada 3-4-2015
8 EDF Renewable Energy Dominion Development 68 (est.) 24.30 1 USA 8-4-2015
9 Integrys Energy Group TerraForm Power 55 23.00 48 USA 5-6-2015
10 CSIQ RET Capital 66 (est.) 14.10 1 Canada 4-6-2015
11 Pacific Northwest Solar, LLC Blue Earth Inc. 61 (est.) 13.00 1 USA 10/24/2015
12 CSIQ One West Holdings Ltd. 50 10.00 1 Canada 12/23/2015
13 CSIQ BluEarth Renewables 53 10.00 1 Canada 6/23/2015
14 CSIQ DIF 49 10.00 1 Canada 1-1-2015
15 CSIQ DIF 48 10.00 1 Canada 3/30/2015

Additional information

Rank State(s) Remarks Source
1 Indiana, Georgia, Connecticut, California, Tennessee, and Utah Plant names are: Pavant, 62.3 MW Cottonwood Carport, 1.1 MW (under construction) Cottonwood Corcoran, 14.7 MW Cottonwood Goose Lake, 16.9 MW Richland, 33.7 MW Alamo, 23.7 MW Maricopa West, 28.2 MW Catalina 2, 24.3 MW Imperial Valley, 25.9 MW, The transaction was a 33% stake in a 567MW porfolio of Dominion http://cleantechnica.com/2016/01/20/sunedison-closes-231-mw-solar-portfolio-acquisition-dominion/
2 California, Massachusetts, New Jersey, New York and Pennsylvania Investment with an expected cash-on-cash return of about 9% http://www.pv-magazine.com/news/details/beitrag/terraform-power-pays-250m-for-capital-dynamics-solar-assets_100017045/#axzz3yWtKY4up
3 North Carolina portfolio consisting of 16 Ground mounted PV plants http://www.pv-magazine.com/news/details/beitrag/spower-acquires-63-mw-north-carolina-solar-portfolio_100018570/#axzz3yLWpF9ya
4 Ontario Several farms sold as part of Candian Solar expansion http://www.pv-magazine.com/news/details/beitrag/canadian-solar-purchases-598-mw-solar-assets-from-kkr_100021365/#axzz3yLWpF9ya
5 Arizona , California , Connecticut , Massachusetts , New Jersey and Pennsylvania Selling of 21 High quality power plants in different projects like schools,municipalities etc. http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-newsArticle&ID=2004558
6 California http://www.pv-magazine.com/news/details/beitrag/pseg-solar-acquires-254-mw-project-from-hanergy_100020748/#axzz3yWtKY4up
7 Ontario Selling of 2 seperate plants: Sandringham Solar Energy Center (13 MW), and the Woodville Solar Energy Center (12 MW), Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals https://globenewswire.com/news-release/2015/05/04/731477/10132248/en/TerraForm-Power-Announces-Acquisition-of-25-MW-of-Solar-Power-Plants-From-Invenergy.html
8 California Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals http://www.businesswire.com/news/home/20150804006393/en/EDF-Renewable-Energy-Dominion-Close-Acquisition-Solar
9 Arizona , California , Connecticut , Massachusetts , New Jersey and Pennsylvania A Stake in a 54MW portfolio http://www.pv-magazine.com/news/details/beitrag/us--terraform-power-acquires-48-solar-projects-from-integrys_100019723/#axzz3yWtKY4up
10 Ontario Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals http://www.bloomberg.com/news/articles/2015-04-06/canadian-solar-sells-third-ontario-power-plant-to-ret-capital
11 Oregon Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals http://www.solarquarter.com/index.php/news/north-america/item/1414-blue-earth-announces-acquisition-of-13mwp-solar-project-in-malheur-county-oregon
12 Ontario -One West Holdings Ltd. is an affiliate of Concord Green Energy Inc. ,Companies have had 5 trasnactions of the same portfolio in the last one and a half year http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-earthlight-solar-power-plant-to-concord-green-energy-300196763.html
13 Ontario CSIQ has sold over 40MW to BluEarth renewables over the past 2 years http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-lunarlight-solar-power-plant-to-bluearth-300103181.html
14 Ontario CSIQ is very present in this list http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-glenarm-solar-power-plant-to-dutch-infrastructure-fund-300024150.html
15 Ontario idem http://www.greentechlead.com/solar/canadian-solar-selling-goldlight-project-to-dif-infrastructure-22889

Projects are updated until 31 January, 2016

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