The owner of the Fusion Solar Center in Sprague has sold a 20-megawatt farm two years after acquiring it.
California-based Coronal Energy announced this week that it sold Fusion to D. E. Shaw Renewable Investments (DESRI), which owns and manages a portfolio of 1,300 megawatts of energy assets with long-term contracts.
Terms of the deal were not disclosed.
DESRI is a part of the $40 billion global investment firm D.E. Shaw Group, based in New York.
Coronal acquired Fusion in Feb. 2015 when it acquired HelioSage Energy, the original developer, which told the Connecticut Siting Council in 2015 that the project would cost an estimated $46.5 million.
Fusion, which is expected to enter into commercial operation in the fourth quarter, was selected by the Department of Energy and Environmental Protection in a 2013 procurement process for renewable energy.
The solar farm has 20-year contracts to sell power to Eversource and Avangrid.
“We are very excited to expand our energy portfolio into Connecticut,” DESRI CEO Bryan Martin said in a statement. “We acquired the Fusion Solar project with the goal of providing clean and cost-efficient green energy to Connecticut’s residents and businesses, while creating local jobs as we begin construction.”
Though Coronal is the seller, the company said in December that it’s largely looking to be an acquirer in 2017.
Danny Van Clief, chief commercial officer at Coronal, said in a statement that his company remains committed to Connecticut, where it also developed the five-megawatt Somers Solar Center.