September 11 (Renewables Now) - 8minute Solar Energy has sold the equity interests in a 67-MW solar park in California to asset manager Allianz Global Investors for an undisclosed sum.
The deal covers the Lotus solar farm that is currently being built in California’s Madera County, US solar and storage developer 8minute Solar said on Tuesday. The given capacity of the particular photovoltaic (PV) plant is in Direct Current (DC).
Planned to be commissioned in May 2020, the power plant will operate under a 20-year power purchase agreement (PPA) with utility Southern California Edison. Its output is estimated to exceed 125 million kWh per year, which is enough to meet the demand of more than 12,000 local homes and will help save around 48,000 tonnes of carbon dioxide (CO2) emissions.
Signal Energy is acting as the engineering, procurement and construction (EPC) contractor on the project. The PV farm will be equipped with NX Horizon solar trackers by NEXTracker and TMEIC central inverters. Debt financing for the project was provided by CIT and NORD LB.
The acquisition represents the first purchase of a US solar project by Allianz Global’s US infrastructure equity team, according to the press release.