July 11 (Renewables Now) - Financial closing for the 328-MW Mount Signal 3 solar project in California is expected later this month, with commercial operation targeted for end-2018.
The given capacity is in direct current (DC).
Developer 8minutenergy Renewables LLC today announced that Switzerland-based private asset manager Capital Dynamics has acquired the project and is currently arranging tax equity and debt financing.
8minutenergy remains in charge of work on the project in Calexico, which it has been developing since in 2011. All procurement and construction contracts have already been awarded. Mortenson Construction is the engineering, procurement, and construction (EPC) contractor, while First Solar Inc (NASDAQ:FSLR) will be supplying 2.8 million Series 4 thin film panels.
“Through our rigorous project development approach, we are going to once again be delivering solar power at cost-competitive rates to fossil fuels,” commented 8minutenergy CEO Martin Hermann.
Southern California Edison (SCE) and 8minutenergy have struck a long-term power purchase agreement (PPA) in 2014 for Mount Signal 3’s power.
BofA Merrill Lynch was 8minutenergy’s lead financial advisor in the deal with Capital Dynamics and Orrick, Herrington & Sutcliffe was its legal counsel. The buyer, on the other hand, was represented by Amis, Patel & Brewer, LLP as legal counsel.