EDPR finds California PV investor

EDP Renewables North America (EDPR) says it has sold a $33m equity stake in the 30MW Lone Valley solar PV project in California to an unnamed institutional investor.

The developer did not provide details of the transaction.

“The institutional partnership structure established enables an efficient utilization of the fiscal benefits generated by the project and improves the project’s economics,” EDPR says in a statement.

Lone Valley is EDPR’s first solar project in North America, which it expects to commission in the fourth quarter.

EDPR will sell all power from the project over 20 years to electric utility Southern California Edison.

Last month, EDPR announced it will sell a minority equity interest in US wind assets with 1.101GW nameplate capacity to portfolio management firm Fiera Axium Infrastructure US.