Korea Electric Power Corporation, Hanwha Investment & Securities Co., Ltd., KEPCO Woori Sprott Global Private Equity Fund and COPA Fund backed by National Pension Service completed the acquisition of three 235 megawatt solar photovoltaic projects of Recurrent Energy, LLC.
Korea Electric Power Corporation (KOSE:A015760), Hanwha Investment & Securities Co., Ltd. (KOSE:A003530), KEPCO Woori Sprott Global Private Equity Fund and COPA Fund backed by National Pension Service completed the acquisition of three 235 megawatt solar photovoltaic projects of Recurrent Energy, LLC on March 12, 2018. Three 235 megawatt solar photovoltaic projects consists of Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California. Astoria 2 project have a back-leveraged loan of $64.8 million and has an eight-year term. The balance of back-leveraged loan is assumed by Korea Electric Power. BofA Merrill Lynch and Scotiabank Global Banking and Markets acted as financial advisors to Recurrent Energy on the transaction.