(Press Release) Sky Solar Holdings, Ltd., a global developer, owner and operator of solar parks, and Hudson Clean Energy Partners, a leading private equity firm specializing in renewable energy, announced a new strategic partnership to fund solar projects in Latin America and Japan with a total capital commitment from Hudson of up to US$100 million. The two parties have also agreed to collaborate on an expansion into the U.S. solar market.
As part of this partnership, Hudson will invest $50 million in the construction of approximately 128 megawatts of solar projects in Chile and Uruguay, and will receive a 49 percent minority equity stake in the projects upon their completion. Hudson has allocated an additional $50 million for secondary market opportunities in Japan, subject to due diligence and other necessary approvals. Beyond this capital commitment, both parties have agreed in principle to collaborate on identifying and acquiring suitable renewable assets in the United States.
“We are delighted to be working with a leading specialized private equity and infrastructure fund to develop shovel-ready projects in our key markets,” said Sanjay Shrestha, chief investment officer of Sky Solar and president of Sky Capital Americas. “In addition to the near-term capital investment, we believe Sky Solar will benefit from Hudson’s long tenure as an investor in the renewable energy sector and unmatched industry experience in this strategic partnership.”
“We are excited about our partnership with Sky Solar, a company with deep power development expertise and substantial global reach,” said Neil Z. Auerbach, founder and managing partner of Hudson. “They have developed a portfolio of high-quality solar projects in attractive markets such as Chile, Uruguay and Japan.”