Jun 16, 2014 - US solar park developer 8minutenergy Renewables LLC said Friday it had obtained up to USD 30 million (EUR 22m) in financing for the construction of its 90-MW Redwood solar park in California.
The funds were provided by Macquarie Capital, the corporate advisory and capital markets unit of Australia-based Macquarie Group (ASX:MQG).
The Redwood solar farm will be situated on low-productivity land in California’s Kern County. Construction works on the project are slated to start at the end of this year, while the plant is expected to be put on stream by the middle of 2015 before the expiry of the Investment Tax Credit (ITC). Once up and running, the facility will generate enough power for about 43,000 homes per year, the developer estimates. Its output will be sold to utility Pacific Gas and Electric Company (NYSE:PCG), or PG&E, Southern California Edison Co (NYSEMKT:SCE-E) and the city of Palo Alto
8minutenergy has struck power purchase agreements for 400 MW of projects and is working on the development of 1,000 MW of solar schemes, it noted.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.