New Energy Solar starts building 200-MW solar park in California
Image by: New Energy Solar (www.newenergysolar.com.au).
Australian investment company New Energy Solar Ltd (ASX:NEW) announced on Friday it has kicked off the construction on its 200-MW Mount Signal 2 solar project in California’s Imperial County.
To be powered by more than 464,000 of photovoltaic (PV) panels, the plant is slated to become operational in the second half of 2019, generating enough electricity to supply around 69,400 homes. California-based Swinerton Builders is taking care of its construction.
The solar park will operate under a 20-year power purchase agreement (PPA) with utility Southern California Edison, taking effect in June 2020.
New Energy Solar and Walsh & Co, the representative of the New Energy Solar Fund, purchased the 200-MW scheme in March this year from D.E. Shaw Renewable Investments (DESRI). The latter currently delivers development and asset management services to the project.
Construction debt financing for the project was extended by KeyBank and HSBC (LON:HSBA), while Wells Fargo (NYSE:WFC) will provide tax equity financing.
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.