London-based solar firm VivoPower International last week said that its subsidiary has signed a joint venture agreement that will give it the right to acquire solar projects in a 1.8-GW portfolio to be developed in the U.S. by Innovative Solar Systems.
VivoPower (USA) Development intends to design, finance, and construct the utility-scale projects under its build, transfer and operate model. Innovative Solar said it will develop 37 projects as part of the portfolio.
The two companies developed, constructed and financed two solar projects representing about 90 MW of generating capacity in North Carolina over the past year.
Innovative Solar CEO John Green said in an April 23 statement that this agreement is the first of many new joint ventures to come between the two companies that could amount to over 5 GW of yearly projects.