(SeeNews) - Aug 21, 2013 - The US-Mexican North American Development Bank (NADB) and Spanish Grupo T-Solar Global said yesterday they had agreed to lend USD 67.6 million (EUR 50m) to Orchard Imperial 1 LLC for a 20-MW solar park in California.<br /><br /> The solar plant will be constructed on a site of local community-owned utility Imperial Irrigation District (IID) in the city of El Centro in California's Imperial County. It will be powered by panels of Chinese photovoltaics (PV) maker Yingli Green Energy Holding Co Ltd (NYSE:YGE) and inverters of GPTech. The US arm of Spanish Isolux Corsan will be in charge of the project's engineering, procurement and contracting (EPC).<br /><br /> Once operational, the solar farm is expected to produce enough energy to supply about 14,000 homes, offsetting nearly 13,678 tonnes of carbon dioxide (CO2) emissions annually. Its output will be sold to IID.<br /><br /> The project corresponds to IID's strategy to meet the requirements of California’s Renewable Portfolio Standard (RPS), which stipulates that publicly owned utilities (POUs) derive 20% of their retail sales from renewables by end-2013, 25% by 2016 and 33% by end-2020.<br /><br /> (USD 1.0 = EUR 0.745)
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