Tenaska closes refinancing deal on 150MW PV project in California

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he installation, located near Seeley in California's Imperial Valley, can generate enough power for approximately 55,000 homes. Image: Tenaska

Nebraska-based renewable energy company Tenaska announced Tuesday that it has closed a refinancing deal on its 150MW Tenaska Imperial Solar Energy Center West PV project through an issuance of US$400 million of senior secured, long-term notes.

Greg Van Dyke, Tenaska's chief financial officer, said: “Tenaska Imperial West continues to be a successful project, and the market responded favorably. This speaks to the financial strength of the project and to Tenaska's reputation in the industry.”

The 150MW PV project began full commercial operation in April 2016 as part of a 25-year power purchase agreement with San Diego Gas and Electric. The installation, located near Seeley in California's Imperial Valley, can generate enough power for approximately 55,000 homes.

At the time of its initial financing in 2014, Tenaska Imperial West was one of the largest PV installations financed in the US commercial bank market.

Morgan Stanley & Co. LLC, MUFG Securities America, Inc. and BNP Paribas Securities Corp. acted as co-placement agents for the senior secured notes. The Bank of Tokyo-Mitsubishi UFJ, Ltd. and BNP Paribas are providing letters-of-credit and working capital facilities.

An affiliate of Tenaska will own the 150MW project,  which is one of two utility-scale solar projects Tenaska has developed in the Imperial Valley. The project can produce up to 130MW of electricity under a 25-year power purchase agreement.

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