Excelsior bags NADBank debt to upgrade 20-MW solar park in California

El Centro solar park in California. Image by: Excelsior Energy Capital.

January 11 (Renewables Now) - US renewable energy infrastructure investor Excelsior Energy Capital has obtained USD 22.9 million (EUR 20.2m) in debt to back capital investments and carry out improvements at its 20-MW El Centro solar park in California.

The debt comes from a loan increase extended by the North American Development Bank (NADBank) to project vehicle Sol Orchard Imperial 1 LLC, the lender announced on Monday. Funds from the refinancing will enable the company to replace all inverters at the solar farm and thus increase its output.

Located in the city of El Centro in California's Imperial County, the photovoltaic (PV) farm has been operational since 2013. It uses panels of Chinese manufacturer Yingli Green Energy Holding Co Ltd and GPTech inverters. The plant’s output, of some 5,000 MWh per year on average, is being sold under a long-term contract to local community-owned utility Imperial Irrigation District (IID).

Excelsior bought the El Centro project from Spain’s Grupo T-Solar in 2019 and acquired the residual Class A tax equity interests from Santander Bank NA at end-2021. The solar park was built with a USD-53.4-million debt facility from NADBank.

(USD 1.0 = EUR 0.882)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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