When 8minutenergy Renewables signs deals, they don’t do small.
The solar power producer signed a deal with global private asset manager Capital Dynamics, to sell its equity interest in th 328 MW-dc Mount Signal 3 (MS3) solar photovoltaic (PV) project. MS3 is the third phase of the Mount Signal Solar Farm, an 800-MW behemoth of a project that at press time would rank as the No. 5 solar farm in the world and the largest in the United States by 38% in capacity (Solar Star I and II, 579 MW).
Capital Dynamics purchased 8minutenergy’s equity interests – meaning they are now the bank and owner for the project – and 8minutenergy will focus all its energies on developing the project. The deal is expected to close by the end of this month.
Southern California Energy (SCE) signed a long-term power-purchase agreement (PPA) in 2014. The MS3 phase of the project is expected to be in commercial operation by the end of next year.
“As the original developer of the Mount Signal Solar Farm, we successfully built the 260 MW-dc Mount Signal 1 project, and brought it online in 2013,” said Martin Hermann, 8minutenergy’sCEO and e are thrilled to bring Mount Signal 3 to fruition
“It’s our mission to deliver abundant and affordable clean energy,” Hermann continued. “Through our rigorous project development approach, we are going to once again be delivering solar power at cost-competitive rates to fossil fuels.”
For its part, Capital Dynamics is thrilled to be part of the deal.
“We are proud to own the Mount Signal 3 solar project,” said John Breckenridge, Capital Dynamics’ head of clean energy infrastructure (CEI). “With more than 3 GW of renewable assets in our portfolio, we seek quality projects with teams that we can depend upon to deliver. This transaction is consistent with CEI’s strategy of long-term ownership of high-quality power generation assets in North America.”
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