Following the closing of the acquisition, Exus will take over their construction and asset management. (Source: Shutterstock)
The joint venture between Palladium Energy and Arava Power Co. is selling a 264-megawatt (MW) solar and 280-megawatt hour (MWh) energy storage portfolio to Exus Renewables North America, Palladium announced April 17.
The portfolio consists of projects connected to the PJM Interconnection and Midcontinent Independent System Operator grids.
Palladium and Arava began the construction of the projects and their early-stage development. Following the closing of the acquisition, Exus will take over their construction and asset management.
"We are proud of the excellent projects we developed with our partners at Palladium and their successful sale to a top-tier shop like Exus," said Arava CEO Ilan Zidkony. "Developing and selling these projects marks another milestone in Arava's expansion into the US renewables space, establishing our commitment and capabilities in the market."
KeyBanc Capital Markets was the exclusive financial adviser for the transaction. Financial details of the deal were not disclosed.
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