Grasshopper obtains funding for Massachusetts projects

MISSISSAUGA, ONT. — Ontario’s Grasshopper Energy has announced a US$48-million financing deal with Cincinnati-based Fifth Third Bank that supports four Grasshopper projects in Massachusetts.

Grasshopper stated in an Oct. 12 release it intends to accelerate its growth plans to develop solar energy plants along the northeast coast of the U.S., in Pennsylvania, New Jersey, and New York, while expanding development efforts in other states.

The four Massachusetts projects will feature large-scale solar-plus-battery storage.

The company currently owns $1.8 billion in assets and has a $6.5-billion development pipeline.

“Our team is very excited to have closed this financing deal with Fifth Third Bank. We very much appreciate their team’s hard work, trust and commitment to our vision to help bring this deal to a successful close,” said Azeem Qureshi, CEO of Grasshopper Energy, in a statement. “Grasshopper looks forward to a long-term growing relationship with Fifth Third Bank as we continue our rapid growth in the United States.”