Capital Dynamics achieves fin close on 383-MW solar project

Photovoltaic Solar Energy
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By compujeramey on 2007-07-28 09:52:11
tags Capital Dynamics achieves fin close on 383-MW solar project

December 4 (Renewables Now) – The Clean Energy Infrastructure (CEI) business of asset manager Capital Dynamics has reached financial close on a 383-MW solar project in Nevada.

The Eagle Shadow Mountain solar project, located on the Moapa River Indian Reservation in Clark County, will be deployed by 8minute Solar Energy. The latter purchased the scheme together with Capital Dynamics at the start of this year.

Capital Dynamics announced the project’s financial close on Thursday. Some USD 327 million (EUR 269m) in debt facilities were provided by MUFG Union Bank NA, including a USD-202-million construction-to-term loan. Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corp also provided a letter of credit facility. Capital Dynamics said it is currently arranging tax equity financing.

8minute Solar will oversee the project development. After an 18-month construction process, the solar farm will go live by the end of 2021. Once operational, the plant will produce over 900,000 MWh of power annually and sell it to Nevada utility NV Energy under a long-term power purchase agreement (PPA).

MUFG acted as administrative and collateral agent and coordinating lead arranger for the loan facility. Amis, Patel & Brewer LLP was Capital Dynamics legal counsel.

(USD 1.0 = EUR 0.823)