Centaurus obtains loan for 300-MW solar project in New Mexico

Solar power system. Author: Mountain/ \Ash. License: Creative Commons, Attribution 2.0 Generic.

June 30 (Renewables Now) - Centaurus Renewable Energy LLC said on Tuesday it has secured a construction bridge loan from the asset management business of Voya Financial Inc (NYSE:VOYA) for a 300-MW solar project in New Mexico with 150 MW/600 MWh of storage.

Specifically, Centaurus has closed a USD-70-million (EUR 59m) credit facility deal with Voya Investment Management in relation to the Arroyo Solar & Storage Project in McKinley County. The Houston-based developer said it will use the loan to make payments for project equipment and to cover other development and construction expenses.

Public Service Company of New Mexico will buy the electricity generated by the plant under a 20-year power purchase agreement (PPA). It has contracted the batteries as well.

The output of the Arroyo Solar & Storage Project will be used to partially replace that of New Mexico’s largest coal-fired plant -- the 847-MW San Juan Generating Station, which will shut down next year.

(USD 1.0 = EUR 0.842)

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