Idemitsu locks equity, debt for 73-MW solar park in California

The Luciana solar plant in California. Source: Idemitsu Renewables America Development LLC.

July 28 (Renewables Now) - The US renewables subsidiary of Japanese oil refiner Idemitsu Kosan Co Ltd (TYO:5019) has closed a deal providing it with tax equity and debt financing for its 73-MW Luciana solar park in California.

Idemitsu Renewables America Development LLC said on Wednesday it has received a tax equity commitment from Morgan Stanley Renewables Inc, while Dutch lender Rabobank has extended a debt facility of an undisclosed amount.

Located in California’s Tulare County, the photovoltaic (PV) park was officially switched on in May and is operated by Idemitsu Renewables. Its output will be sold through a 15-year power purchase agreement (PPA) with not-for-profit public agency East Bay Clean Energy (EBCE), which operates a Community Choice Energy programme for Alameda County and 14 incorporated cities.

The Luciana plant is expected to produce enough electricity to meet the annual consumption of more than 20,000 households annually in the state.

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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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