ConnectGen secures financing for stake in US solar portfolio
Solar park in California equipped by First Solar. Author: Russ Ferriday. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
ConnectGen LLC, a clean energy portfolio company of Quantum Energy Partners, on Tuesday said it has secured a 14.5-year term loan for its 50% stake in a portfolio of operating US solar projects.
The loan was jointly arranged by CoBank ACB and Norddeutsche Landesbank.
ConnectGen and EDP Renewables North America partnered to buy the 278-MW portfolio from First Solar (NASDAQ:FSLR) in 2019. The portfolio includes the 154-MW Sun Streams 1 solar farm in Maricopa County, Arizona, the 20-MW Windhub A solar park in Kern County, California, and the 103-MW Sunshine Valley solar farm in Nye County, Nevada. The three projects were build by First Solar with the company's own panels and sell power to Southern California Edison Company under 15-year power purchase agreements (PPAs).
ConnectGen is a subsidiary of 547 Energy, which is the clean energy platform company of private equity firm Quantum Energy Partners. ConnectGen has 139 MW of solar plants in operation, while developing over 4,000 MW of wind, solar and energy storage projects in North America.