The US renewables business of Japanese oil and gas major Idemitsu Kosan has bought a 100MW solar project in Colorado from GCL New Energy, a subsidiary of China's GCL New Energy Holdings.
Construction of the Pioneer solar project is expected before the close of the year. It is contracted to provide energy to local electric distribution cooperative Intermountain Rural Electric Association through a power purchase agreement (PPA) signed in June.
Solar Frontier America's acquisition of the Pioneer solar [roject is the latest in a string of US activity for the company over the past 12 months. This includes the purchase of the 210MW Mustang Two solar project in California, and the inking of a 15-year agreement to supply power from its 56MW Luciana solar project, also in the sunshine state, to utility East Bay Community Energy.
Charles Pimentel, CEO of Solar Frontier Americas’ independent power producer business, said in a release that the latest acquisition was evidence that a “shift is underway with traditional fossil fuel providers to support investments for clean energy that benefit the future of our environment and society.”
Allianz turns to 8minute project for first US solar buy
US solar and storage developer 8minute Solar Energy has sold the equity interests of the under-construction 67MW Lotus Solar farm in central California to investment management firm Allianz Global Investors.
The farm, which is contracted to provide energy to utility Southern California Edison through a 20-year PPA, is Allianz’ first US solar project. Its annual output is expected to exceed 125 million kWh per year.
In news coinciding with the sale, the project bagged US$140 million of debt financing from NYC-headquartered bank CIT Group and German bank NORD LB. The banks are providing a construction loan, letter of credit and term loan facility for the project.
Construction of the farm began in August and is expected to be completed in May 2020. Tennessee-headquartered Signal Energy is contracted to build the site, which will be equipped with NX Horizon solar trackers by NEXTracker and more than a dozen TMEIC central inverters.
US solar prospects amid PPA uptake and a changing policy landscape will take centre stage at Solar Media's Solar & Storage Finance USA, to be held in New York on 29-30 October 2019