[Irvine and Oakland, Calif., March 2, 2021] Adapture Renewables, Inc. announced today it has completed its acquisition of Rippey Solar, an 81 megawatt (MW) solar project in Cooke County, Texas from Hanwha Q CELLS USA Corp. Construction of the project, located 90 miles north of Dallas, began in April and the project achieved commercial operation in December 2020.
The project highlights Qcells’ strength as a vertically-integrated supplier of modules, developer, and engineering, procurement, and construction (EPC) manager. Hanwha Q CELLS USA Corp. had acquired the project mid-development and completed development work earlier last year before breaking ground. The project uses Qcells’ high-performance Q.PEAK DUO L-G8.3 and L-G8.2 modules, ideal for commercial and utility applications thanks to a combination of innovative cell technology and cutting-edge cell interconnection for superior yields and low LCOE.
JK (Jaekyu) Lee, Senior Vice President of Hanwha Q CELLS USA Corp. said, “We’re very proud to partner with Adapture Renewables, Inc. to bring this project to completion. The seamless integration between our development, EPC, and module supply teams facilitated a very efficient transaction during a challenging time in the capital markets due to COVID-19.”
Adapture Renewables, Inc. has a direct stake in the project’s success, having financed the project with in-house capital and will own and operate the project for the long-term. With this new acquisition, the company increases its total portfolio of solar energy generating assets to 239 MW DC across the country, including 95 MW DC in Texas.
“We take a deliberate approach to project selection and acquisition, adding only high-quality assets to our growing portfolio,” said Donald Miller, COO at Adapture Renewables, Inc. “The team at Qcells delivered a first-class facility with the Rippey project, and we’re looking forward to our new role as long-term neighbors, providing renewable energy to Texas consumers.”
About Adapture Renewables, Inc.
Adapture Renewables, Inc. is a solar project developer (and M&A shop), owner and operator. The company leverages its proven track record, deep domain expertise and comprehensive in-house development, EPC management, legal and project finance services to efficiently and effectively drive solar projects from origination to long-term operation. Backed by KIRKBI, Adapture Renewables, Inc. has the financial footing necessary to take a diligent and thoughtful approach to solar project development and is invested in its projects’ long-term success. The company’s culture of creative problem-solving and shared mission to accelerate the global transition to clean energy contribute to the company’s success deploying, owning and operating solar assets across ten states in the US. Adapture Renewables, Inc. is based in Oakland, CA. For more information about Adapture Renewables, Inc., visit https://adapturerenewables.com/.
Qcells is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with operations all over the world. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Qcells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.q-cells.com.
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Adapture Renewables, Inc. and Qcells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Adapture Renewables, Inc. and Qcells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Adapture Renewables, Inc.
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