Sanford solar development being sold to NY investment group in $300M deal
Courtesy / City of Sanford
The Sanford Airport Solar Energy Center, now nearing completion and changing ownership in a $300 million transaction, contains over 177,000 solar panels.
A 50-megawatt solar energy development now nearing completion at the Sanford Seacoast Regional Airport is being sold to a group of investors as part of a seven-site, $300 million deal.
NextEra Energy Inc. (NYSE: NEE) on Monday said it has agreed to sell 90% of the ownership in the nationwide portfolio of solar power farms to a NextEra subsidiary and an investor consortium led by New York-based KKR & Co. Inc. (NYSE: KKR).
The subsidiary, NextEra Energy Partners LP, will hold 40% of the portfolio while the investors own 50%, according to news releases from NextEra and KKR. The deal also includes the sale of a 100% stake in an Arizona solar generation and storage plant.
Besides the price of roughly $300 million, no other terms were disclosed. The transaction is expected to close later this year, subject to regulatory approval.
In addition to the Sanford Airport Solar Energy Center, the portfolio of generation facilities spans five other states and has a potential capacity totaling 1,000 MW.
The Sanford development broke ground in November 2019 on 390 acres leased at the airport and surrounding properties. When complete, the facility is expected to be the largest of only about two dozen solar generation sites at a U.S. airport, with more than 177,000 photovoltaic panels and capacity to power 20,000 homes.
Over its operational life, Sanford Airport Solar is expected to produce nearly $10 million in additional revenue for the city, according to a previous news release.
The Sanford development was launched by Yarmouth-based Ranger Solar in 2016, and sold to NextEra the following year.
NextEra also owns and operates Wyman Station on Cousins Island in Yarmouth, as well as the Cape Station in South Portland, on Portland Harbor, both of which are oil-burning power plants.
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