Sep 11 (Renewables Now) - US solar developer 8minutenergy Renewables LLC said today it has completed financing for its 26-MW Redwood 4 solar farm in California and the project is already under construction.
Zions Bancorporation (NASDAQ:ZION) is providing construction debt and a bridge loan, while US Bancorp (NYSE:USB) is providing tax equity financing. 8minutenergy will maintain ownership of the project, the developer said, without disclosing terms of the deal.
The solar farm is the fourth 8minutenergy project in the Redwood solar cluster with a combined capacity of 100 MW near Bakersfield, Kern County. The three other projects have been generating electricity since the end of 2015 and are currently owned by sPower.
Redwood 4 will sell its output to Pacific Gas and Electric Company (PG&E) to support the latter's Solar Choice programme. Completion is expected later in 2017.