Capital Dynamics buys 280-MW First Solar project in California

US solar major First Solar Inc (NASDAQ:FSLR) Tuesday said it had sold the 280-MW California Flats Solar Project to Capital Dynamics, without revealing the size of the deal.

The first 130-MW phase of the project is to be commissioned in the fourth quarter of this year. The second phase, of 150 MW, is under construction and commissioning is expected by end-2018. Both have long-term power purchase agreements (PPAs) in place.

The solar power plant is located within the Jack Ranch near the San Luis Obispo and Monterey County borders. Once fully operational, it is expected to produce as much power as roughly 100,000 households consume annually. It will also save over 109,000 tonnes of carbon dioxide (CO2) emission per year.

Capital Dynamics has also bought equity in the 250-MW Moapa Southern Paiute Solar Project in Nevada, also developed and built by First Solar. The global private asset manager’s Clean Energy Infrastructure (CEI) division now owns three of the 10 largest solar assets in North America and has more than 3 GW of projects operating or under construction, said John Breckenridge, head of Capital Dynamics Clean Energy Infrastructure. He added that the plan is to continue to expand the portfolio so more deals may come in “the immediate future”.

California Flats was previously in a list of assets offered to solar power yieldco 8point3 Energy Partners LP (NASDAQ:CAFD), established by First Solar and SunPower (NASDAQ:SPWR). Earlier this month SunPower unveiled plans to divest from the yieldco, saying it has already received “significant initial interest” for its stake.

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