The Hanover Solar Plant (Hanover) is located in Onslow, North Carolina in the United States. The 7.5 MW solar project was acquired from leading US developer, Cypress Creek Renewables, LLC, as part of a transaction for a portfolio of utility-scale solar PV plants located in North Carolina and Oregon.
Hanover is currently under construction and is expected to commence commercial operations in the first half of 2018. The Business has acquired a 100% economic interest in Hanover, with transfer of funding occurring progressively as various construction milestones are satisfied.
Hanover has a secured 15 year power purchase agreement with Duke Energy Progress, Inc., a subsidiary of Duke Energy (NYSE:DUK); one of the largest electric power holding companies in the United States.
Initial energy production of the utility-scale solar plant is underwritten by minimum availability guarantees provided by the operations and maintenance services provider (Cypress Creek O&M, LLC) and performance warranties from the panel supplier (GCL).