April 24 (Renewables Now) - US-based renewable energy infrastructure investor Excelsior Energy Capital has closed on the acquisition of the sponsor equity interests held by Grupo T-Solar Global USA Inc in a 25-MW DC solar plant in California.
More specifically, Excelsior’s North American Renewable Energy Fund has bought the El Centro solar park, which has been operating since December 2013. The plant has a 25-year power purchase agreement (PPA) with the Imperial Irrigation District.
Excelsior noted that Santander Bank NA and North American Development Bank are the two financial institutions taking part in the project.
Chris Moakley, managing partner of Excelsior, commented that the El Centro park fits the description of an operating solar or wind asset “with stable, long-term contracted cash flows, with room for further improvement of long-term operational and financial performance for the Fund’s limited partners.”