• Print

Tenaska secures finance for 150MW California PV plant

  • PV power plant
    Having secured US$450 million in project finance, Tenaska plans to start work on its Imperial Solar Energy Center West project in California later this year.

Independent power producer, Tenaska, has reached financial close on its 150MW Imperial Solar Energy Center West project in California.

The company has secured US$450 million in commercial financing for the project, the second utility-scale PV power plant it is developing in the region.

Mitsubishi UFJ Financial Group, BNP Paribas, Royal Bank of Canada, Santander Bank, Helaba and DZ Bank led the consortium of investors in the project.

“Achieving financial closing for our second utility-scale solar project represents a significant milestone for Tenaska. The project is moving forward on schedule,” said Greg Kelly, Tenaska president, development, “and we’re looking forward to starting construction."

With finance secured, Tenaska said it planned to begin construction on the project later this year, with the beginning of commercial operation expected in November 2016.

US PV energy provider First Solar will supply its thin-film modules for the plant, as well as acting as the main engineering, procurement and construction contractor, as it was for Tenaska’s 130MW Imperial South project completed last year.

Electricity from Imperial West will be sold to utility San Diego Gas & Electric (SDG&E) under a 25-year power purchase agreement.

An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130MW, utility-scale solar plant also near El Centro in Southern California’s Imperial Valley. Tenaska Imperial South began commercial operation 1 November, 2013.

Tenaska plans to begin construction on Tenaska Imperial West later in 2014, with commercial operation expected in 2016. Like Tenaska Imperial South, Tenaska Imperial West will provide clean, renewable energy to SDG&E under a 25-year power purchase agreement via SDG&E’s Sunrise Powerlink transmission line.

PV-Tech Storage Promo

Newsletter

Preview Latest
Subscribe
We won't share your details - promise!

Publications

  • Photovoltaics International 26th Edition

    Looking back, 2014 was a year of convalescence for a PV industry still battered and bruised from a period of ferocious competition. End-market demand continued apace, with analysts towards the end of 2014 predicting the year would see between around 45 and 50GW of deployment. That has begun to feed through to the supplier end of the market, with all the main manufacturers announcing capacity expansions in 2015 and further ahead.

  • Manufacturing The Solar Future: The 2014 Production Annual

    Although the past few years have proved extremely testing for PV equipment manufacturers, falling module prices have driven solar end-market demand to previously unseen levels. That demand is now starting to be felt by manufacturers, to the extent that leading companies are starting to talk about serious capacity expansions later this year and into 2015. This means that the next 12 months will be a critical period if companies throughout the supply chain are to take full advantage of the PV industry’s next growth phase.

Partners

Acknowledgements

Solar Media