Algonquin Power to install 10-MW of solar in California
Nov 25, 2014 - Canadian firm Algonquin Power & Utilities Corp (TSE:AQN) said yesterday it plans to build a 10-MW solar power plant in Kern County, California.
The 10-MW Bakersfield II Solar project will cost some USD 27 million (EUR 22m) to build. The sum will be covered with a mix of senior debt and common equity plus contributions from tax equity investors.
The new scheme will be adjacent to the 20-MW Bakersfield I Solar project, which is expected to be completed in the first quarter of 2015. Algonquin Power acquired Bakersfield I Solar a year ago from Valos Solar Ventures LLC. Its output will be sold to local utility Pacific Gas and Electric Company (NYSE:PCG), or PG&E, under a 25-year power purchase agreement (PPA).
Bakersfield II Solar has also secured a 20-year PPA with “a large California based electric utility”, Algonquin Power noted. The construction of the plant is seen to begin in mid-2015, once local permits are received and the required construction contracts are sealed. Its completion is scheduled for the first quarter of 2016.