Major solar projects change hands in Colorado, California

Facebook
Twitter
LinkedIn
Reddit
Email
Source: 8minute

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

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

September 26, 2022
NextEra’s 485MW solar PV co-located plant has reached full commercial operation in Riverside County, California, according to the US DOI.
September 19, 2022
RE+, which will run until Thursday (22 September), kicked off today in Anaheim, California, with people filtering into the grounds of the conference centre, although many exhibitions and booths are still being built.
September 19, 2022
California Governor Gavin Newsom has signed a proposed community solar programme into law that will help low income communities benefit more from solar PV.
September 16, 2022
Residential solar installer SunPower has made minor investments in solar dealers Renova Energy and EmPower Solar.
September 14, 2022
US energy software-as-a-service (SaaS) company Enverus has acquired Madrid-headquartered PV software provider RatedPower, broadening its portfolio of solutions in the solar industry.
September 14, 2022
Private equity giant BlackRock Real Assets has acquired New Zealand solar and energy storage provider solarZero.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)