Glidepath Ventures sells 887.5MW solar project portfolio in PJM energy market
Glidepath Ventures revealed that it has sold an 887.5MW portfolio of early-stage utility-scale solar projects in the PJM Interconnection regional transmission area to a major renewable energy-focused development and investment company.
Terms of the deal were not disclosed.
The regionally clustered utility-scale projects were originated and developed in 2019 by Glidepath Ventures. The PJM market solar projects are likely to begin commercial operations in 2022.
Carl Jackson – a Partner of Glidepath Ventures said: “Glidepath was founded in 2017 to create a highly scalable and efficient approach to the origination and development of renewable energy projects. This transaction underscores the success of our scaled origination platform, which we are now deploying with similar success in multiple markets across the United States.”
Glidepath Ventures said that the deal follows its recent announcement of a 278MW investment by Grasshopper Solar, bringing their total portfolio to more than 1GW in Pennsylvania.
Charles Silio – a Partner of Glidepath Ventures said: “We’re very pleased to have placed this utility-scale project portfolio with a strong, capable developer who can carry these projects forward.
“Going forward, Glidepath will continue to build on our portfolio of more than 2.0GW of early- and mid-stage solar energy projects and to engage with best-in-class financial and operational partners.”
The financial advisor for Glidepath Ventures has been Redwood Energy, while GreeneHurlocker is the legal counsel on the deal.