Genesis Solar, a subsidiary of NextEra Energy Resources, revealed that it had closed on construction and term financing for its 250MW CSP project including a partial guarantee from the US Department of Energy (DOE) for an US$852 million loan. Power produced by the 250MW CSP project, located in Riverside County, California, will be sold to Pacific Gas & Electric.
The loan guarantee from the DOE covers 80% of the principal and interest on the project bonds and project term loan under the Financial Institution Partnership Program with lender-applicant Credit Suisse.
“This financing marks a significant milestone in the development of the Genesis project,” said Armando Pimentel, executive vice president and chief financial officer of NextEra Energy, parent of NextEra Energy Resources. “We are very pleased with both the strong investor reception for this financing, which we view as a validation of our solar development efforts, and the receipt of a loan guarantee from the Department of Energy Loan Programs Office.”