Greenbacker snaps up 26-MW California PV project from Solar Frontier

New York-based Greenbacker Renewable Energy Company LLC has bought a 26-MW construction-ready solar project in California from Solar Frontier Americas Holdings LLC.

Greenbacker has purchased project company 97WI 8ME LLC through a wholly-owned subsidiary, the buyer said in a statement on Thursday without providing financial details. The 26-MW Midway III solar park will be located in California’s Imperial County, with construction slated to begin in January 2018. Commercial operations are expected to be launched next October.

Solar Frontier, which is part of Japanese CIS (copper indium diselenide) solar panels supplier Solar Frontier KK, will deliver construction management services and will supply equipment for the plant. Meanwhile, Greenbacker is holding talks to secure a construction loan and a term-loan facility for the scheme and is also trying to arrange tax equity funding with a “large US-based financial institution.” Its own investment in the project will be about USD 9 million (EUR 7.5m), it said.

Following completion, the Midway III park will sell its output to a large California utility under a 20-year fixed-price power purchase agreement (PPA).

(USD 1.0 = EUR 0.836)

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