Independent power developer K Road Power Holdings and Barclays Natural Resource Investments have established a partnership aimed at the development, construction, and operations of K Road’s utility-scale solar power portfolio.
The developer has 11 solar projects totaling nearly 2.3GW in various stages of development in the southwestern US. Included in the near-term are the 850MW Calico Solar Project in San Bernardino County, CA, one of the world's largest permitted solar projects, and the 350MW Moapa Solar project north of Las Vegas, one of 10 projects fast tracked for 2011 by the US Department of Interior.
Daniel O’Shea, managing director of K Road, told PV-Tech that his company “is not commenting on the dollar amount of the [substantial] commitment from Barclays,” adding that “K Road believes the funding will allow it to continue to successfully develop its pipeline of projects.”
“The first investment by Barclays has been made as of August 2,” he continued, but noted that the funds are “not earmarked specifically for any project. The investment is in a holding company that indirectly owns project companies, which are developing the individual projects. The holding company directs the development of those projects and allocates funds accordingly.”
O’Shea also explained that K Road “does not have other partners on the construction or operational side of its business,” although it “is in regular contact with [PV] panel and other equipment suppliers, as well as EPC contractors, and expects to enter into other partnering arrangements at appropriate times.
“BNRI’s support and investment further validates K Road's philosophy, business practices, and projects, as well as the management team we have put together,” said William Kriegel, founder/CEO of K Road, while the company’s managing partner, Gerrit Nicholas, added that “partnering with BNRI better positions K Road to continue executing on our goals to build and operate clean, efficient renewable generation assets helping California and the rest of the US to evolve into lower carbon economies.”
“K Road, with its experienced leadership team and high-quality projects, has quickly established itself as one of the preeminent renewable energy developers in the US,” stated David Ellis, managing director of BNRI. “Our partnership with K Road furthers BNRI’s strategy of working with ‘best in breed’ management teams. By adding the strength of a leading global financial institution to K Road’s development and industry experience and advanced pipeline of high-viability projects, we are creating a powerful combination strategically positioned for continued success.”