Canada-based Grasshopper Energy, a $1.8 billion renewable energy producer has acquired $48 million in funding from Cincinnati’s Fifth Third Bank. The funding will go towards four Grasshopper solar projects in Massachusetts, including a large-scale solar+battery energy storage project.
The company has offices in Toronto, Tokyo, and New York. For large-scale renewables projects, Grasshopper manages acquisition and development, legal and regulatory, corporate financing, project management, and asset management. The company stated that it has a development pipeline of more than $6.5 billion. It is focusing on development opportunities in Pennsylvania, New Jersey, and New York. The company also targets international markets, with plans to develop solar in Brazil, Italy, Vietnam, and Australia.
In July 2021, Canadian Solar announced that it received $100 million in financing from two Brazilian banks to help it develop and build solar projects in Brazil. The financing arrangement with banks BTG Pactual and Itau BBA would support up to 70 per cent of Canadian Solar’s equity commitments in its Brazilian project portfolio.
REGlobal’s Views: United States is an important renewable energy market and is expected to witness significant capacity additions in the near future. For Canadian firms, wanting to expand their portfolios, it offers an attractive opportunity especially with its enabling policy environment and the right market conditions.
