The plant is expected to be completed in late 2017 and will stand as the fourth 8minutenergy project in the combined 100MW Redwood solar cluster near Bakersfield. Image: 8minutenergy
8minutenergy Renewables announced that it has closed the financing for its 26MW Redwood 4 Solar Farm located in Kern County, California. In addition, the company announced that construction on the installation has already begun.
The plant is expected to be completed in late 2017 and will stand as the fourth 8minutenergy project in the combined 100MW Redwood solar cluster near Bakersfield.
Zions Bancorporation is providing the project’s construction debt and bridge loan, while U.S. Bancorp is providing the tax equity investment. As part of the deal, 8minutenergy will maintain ownership of the installation, while Pacific Gas and Electric Company will purchase energy produced at the site.
Martin Hermann, CEO and founder of 8minutenergy, said: “8minutenergy’s goal is to deliver abundant, affordable solar energy through impeccable execution of utility-scale project development. Redwood 4 is delivering on that promise to provide renewable energy to tens of thousands of Californians, and we’re proud to own this beneficial project.”
Tom Buttgenbach, president and co-founder at 8minutenergy, added: “8minutenergy led the entire greenfield development and financing process for Redwood 4, and will now manage construction and operations as the long-term owner, all of which demonstrate our ability to deliver high-quality solar assets from inception to operation. We are grateful to have reached today’s milestone with our trusted partners, Zions Bancorporation and U.S. Bancorp, and look forward to future transactions with both financiers. Their flexibility, competence, and shared dedication to driving clean energy adoption is evident.”