SunEdison, one of the largest PV manufacturers in North America, has completed a 24MW direct current (DC) PV power plant located in the California Desert.
The Cascade Solar Power Plant will supply energy to San Diego Gas & Electric (SDG&E) through a 20-year power purchase agreement (PPA). The 60.7 hectare site is made up of over 75,000 SunEdison PV modules and will be managed by the SunEdison Renewable Operation Center (ROC), which will provide daily maintenance at the facility.
Banking firm Wells Fargo & Company issued tax equity funding following the completion of the site.
The Cascade Plant’s PPA was granted under the California Renewable Auction Mechanism (RAM). The RAM procedure was created to ensure that ratepayers receive energy at low costs through a reverse auction and uses standard contracts, which simplifies and streamlines regulatory procedures and cuts soft costs. The completion of Cascade marks the largest PV project completed under the RAM system.
Bob Powell, president of Sun Edison, North America, said: “It's an honour to bring the largest solar power plant interconnected through the California RAM programme online…It supports our focus on growth and the growth of the solar industry in California. We are fortunate to work with Wells Fargo, a committed finance partner, which shares our vision for increasing the availability of renewable energy. Their support is vital to completing projects like this one.”
Well Fargo has been an active presence in the PV development market, as the financial holding company has invested more than US$1.3 billion in tax equities to over 300 solar power projects since 2007, including 200 sites developed by SunEdison.