Adapture is owned by KIRKBI Invest, an investment arm of the Kristiansen family portfolio, which founded and owns the LEGO group.
The capacity is spread across three solar projects; two in Illinois and one in Arkansas. TED did not disclose the capacity breakdown of the sites.
In a press release, TED – which is headquartered in Kansas – cited the stimulatory effects that the Inflation Reduction Act (IRA) is having and is forecast to have on the US solar market as reason for its increased presence in the market. In July 2023, Itochu – its parent company – announced plans to invest US$2 billion into renewables projects in the US, building on its existing 2GW pipeline of solar PV projects in the country.
The development process that TED completed included land prospecting and acquisition for the projects, obtaining grid connections, permitting, designing, procurement and signing a long-term power purchase agreement (PPA) for the sites. The offtaker of the PPA was not disclosed.
This is not the first deal between Adapture and TED. In December, Adapture bought a 450MW solar portfolio from TED, also spread across Illinois and Arkansas and connected to the Midcontinent Independent System Operator (MISO) network.
