The company is billing the contract with a portion of a 500 MW project as the largest corporate solar power purchase agreement (PPA) to date.
All new project development will be funded by incremental proceeds from this refinancing of previous bank loans, which totaled $300 million medium-term loans.
A group including Cenergy Power, sPower, RP Construction Services and Array Technologies helped commission the 10 MW facility, named MCE Solar One.
Nurtured by Fir Tree Partners since 2014, the fledgling utility-scale developer and IPP nets the hedge fund sponsor a windfall as it is sold to a Canadian-American joint venture.
The Fortune 200 power company has partnered with a Canadian investment firm to acquire the U.S. utility-scale developer and IPP.
The independent power producer reached 1 GW of operating solar projects before the calendar turned to 2017.
The completion of two projects comes in the middle of a flurry of activity for the Utah-based developer.
The Solverde 1 Solar project will help California Department of Water Resources continue toward its mission of becoming more environmentally responsible.
sPower has secured a 20-year power purchase agreement (PPA) for 105 MW-AC of solar power with community choice aggregator MCE in California, making it sPower’s largest contract of this type to date, and the largest community choice aggregation (CCA) agreement known to pv magazine.
The text equity and debt will support 183 MW-DC of solar in Kern County
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