North American Independent power producer Lydian Energy has acquired a 1.5GW solar and energy storage portfolio from Hanwha Renewables.
Excelsior Energy Capital-backed Lydian has invested an undisclosed sum to acquire Hanwha’s Atlas North portfolio, which includes four late-stage projects.
The portfolio totals over 1GW of solar generating capacity with 450MW/1,800MWh of battery storage.
The vast majority of electricity and capacity from Atlas North is contracted for long-term offtake with California load-serving entities, Lydian said.
The Atlas North portfolio adds to the holdings of Lydian, which specialises in the development, construction and operation of utility-scale power infrastructure projects across North America.
Lydian’s current portfolio includes 18 solar and storage projects totaling 4.4GW of capacity.
Emre Ersenkal, CEO at Lydian Energy, said: “Atlas North represents Lydian’s largest investment to date. We are excited to build on our momentum as a firm and bring this ambitious project to life. The Atlas North facilities will bring much needed renewable power to the region.”
Chris Moakley, co-founder and managing partner at Excelsior Energy Capital and chair of the board at Lydian Energy, said: “We remain deeply committed to the continued development of clean energy in the US, particularly solar and battery storage, which are proven and reliable sources.”
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