September 26 (Renewables Now) - US solar developer 8minutenergy Renewables LLC has agreed to sell the equity interests of the 121-MW DC Springbok 3 Solar Farm project in California to independent global private asset manager Capital Dynamics.
The particular solar farm will be built at a site in Kern County, with construction scheduled to start later this year. It is the third installation in the Springbok cluster, which also includes the 137-MW DC Springbok 1 and the 191-MW DC Springbok 2 plants.
8minutenergy announced the agreement to sell the equity interests in a statement today, without disclosing the value of the deal. It said though that Capital Dynamics is currently arranging tax equity and debt financing for the project and expects to reach financial close and secure all regulatory approvals in the final quarter of the year.
Completion of Springbok 3 is expected in June 2019. The solar power station will be selling its output to the Southern California Public Power Authority (SCPPA) under a 27-year contract that can be extended for a further three years.
Bank of America Merrill Lynch served as the lead financial advisor to 8minutenergy in this transaction, while Orrick, Herrington,and Sutcliffe acted as legal counsel. On the other hand, Amis, Patel, & Brewer LLP was the legal counsel for the buyer.