8minute completes AllianzGI-owned solar farm in California

Solar Energy
Constellation Energy installed this form of Solar Energy at Patriot Place in Foxsborough, MA on Patriot’s Day, April 19, 2010.
By janie.hernandez55 on 2010-11-24 11:55:17
tags 8minute completes AllianzGI-owned solar farm in California

September 16 (Renewables Now) – Project developer 8minute Solar Energy today announced the full completion of the 67-MW direct current (DC) Lotus solar farm in California that was bought by Allianz Global Investors (AllianzGI) a year ago.

The solar power plant is located on a 375-acre (151.8 ha) site in Madera County. It can generate enough electricity to supply more than 12,000 homes and has a 20-year power purchase agreement (PPA) with Southern California Edison.

Following the purchase by AllianzGI last year, the asset manager and 8minute have worked together to obtain additional financing in a USD-140-million (EUR 118.5m) construction debt package, letter of credit and term loan facility from CIT and NORD/LB. Siemens and Commerzbank also took part in the transaction.

Tax equity for the project came from independent power producer and developer Tenaska.

8minute bought the land and undertook permitting for the project, secured the interconnection agreement and the PPA, and managed construction through to commercial operations. Signal Energy was the engineering, procurement and construction (EPC) contractor, while NEXTracker supplied smart solar trackers and TMEIC provided central inverters.

(USD 1.0 = EUR 0.846)