K Road Power has bought the 25MW McHenry solar project in California from SunPower, it has been announced. The project has been designed and is currently being constructed by SunPower in Modesto, California, and it is expected to commence commercial production in September 2012. Modesto Irrigation District (MID) will buy the generated energy under a 25-year PPA.
Union Bank, Rabobank and CIT function as joint lead arrangers for K Road’s term project financing and a non-recourse construction financing. “K Road is extremely pleased to have worked with three leading project finance institutions for the McHenry Solar Project. This successful financing underscores the quality of the project and SunPower's technology, the strength of the counterparties, and the professionalism and focused efforts of everyone involved,” said Carl Weatherley-White, K Road's CFO.