New Solar plant in El Centro, California starts operations
Thursday, Dec 12, 2013
Grupo T-Solar, one of the major independent power producers of photovoltaic solar energy based in Spain, has successfully completed its first photovoltaic solar plant in El Centro, California. The North American Development Bank (NADB) is providing a $65 million loan for the construction of this project.
“USA is one of the target markets for the growth of Grupo T-Solar and a key market of our long-term business strategy”
The plant, located in the city of El Centro (Imperial Valley, California), occupies 140 acres of land and will generate 55 GWh per year, equal to an energy consumption of more than 12,000 inhabitants. The sale of energy is regulated by a 30-year power purchase agreement with the utility company Imperial Irrigation District.
“USA is one of the target markets for the growth of Grupo T-Solar and a key market of our long-term business strategy,” said Marta Martinez, CEO of Grupo T-Solar.
The project in El Centro has required an investment of more than 75 million dollars and has been financed and supported by the international financial institution, NADB, as senior lender; Santander Bank NA, a subsidiary of Banco Santander, as Tax Equity Investor; Astris Finance, a financial advisory firm specializing in energy and infrastructure structured finance in the Americas, acted as financial advisor; and CCA Group, a FINRA-registered broker-dealer specializing in renewable energy, acted as advisor for the tax equity component.
Source: Business Wire