Tenaska is breaking its way into the solar power generation market with an announcement that it has closed commercial financing for its Imperial Solar Energy Center South in southern California. The utility-scale PV plant is the first of what the company expects to be several solar generating facilities it will develop in California and other US states. Located in Imperial County, the 946-acre solar project was developed by Tenaska Solar Ventures, with the company advising that a second solar project is under development nearby.
The Bank of Tokyo-Mitsubishis UFJ and Union Bank led nine banks in providing debt financing. Other banking institutions participating in the funding include BBVA Compass, DZ Bank, Helaba, Key Bank, Lloyds TSB Bank, Royal Bank of Canada and Santander’s Sovereign Bank. Imperial Solar Energy Center South is anticipated to reach commercial operation in 2014 and become one of the first solar projects to deliver power through the Sunrise Powerlink transmission line.
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“We are proud to have teamed with an outstanding group of lenders whose professionalism and commitment to the deal were especially important in today's challenging financing environment,” said David Kirkwood, Tenaska vice president and treasurer. “This financing also recognizes Tenaska's consistent approach to rational projects, underpinned by strong contracts and appropriately structured debt.”
First Solar is providing the technology, engineering, procurement and construction for the project, using its thin-film PV modules. On-site construction for the project began in December with Tenaska noting that around 130MW of electricity has already been sold to San Diego Gas & Electric under a 25-year agreement.