A round-up of the latest news from the US solar market, including developments from Capital Dynamics, ReneSola and Cypress Creek.
Capital Dynamics reaches financial close for Eagle Shadow Mountain project
2 December 2020: Capital Dynamics has concluded financing for a 383MWdc PV project in Nevada that is currently under development by 8minute Solar Energy.
Financing for the Eagle Shadow Mountain facility has been secured by the asset management firm’s Clean Energy Infrastructure unit and consists of US$327 million in credit facilities led by MUFG Union Bank, with Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corporation also providing a letter of credit facility.
Acquired by Capital Dynamics and 8minute earlier this year, the project is located around 55 miles northeast of Las Vegas and is slated for completion by the end of 2021. It marks the Clean Energy Infrastructure team's third transaction with 8minute.
Benjamin Droz, vice president of Clean Energy Infrastructure, said the facility is a “meaningful addition” to the firm’s solar asset portfolio, adding: “We are pleased to complete a path-breaking financing with MUFG and our other financial partners, particularly in the midst of a challenging market environment.”
Capital Dynamics’ presence in Nevada also includes the part of the Gigawatt 1 portfolio, which is being developed alongside technology infrastructure company Switch and will include “the largest behind-the-meter solar project in the world”, according to the companies.
ReneSola signs PPA for Californian solar-plus-storage facility
1 December 2020: PV project developer ReneSola Power has secured a 20-year power purchase agreement (PPA) for a solar-plus-storage facility in California with utility Valley Clean Energy.
Located in Yolo County, near Sacramento, the project features 20MW of solar power, 6.5MW / 26MWh of battery energy storage and is expected to reach commercial operations by the third quarter of 2022.
ReneSola was awarded the PPA after responding to Valley Clean Energy’s request for offers of procurement of cost-effective local renewable energy.
“This marks an important milestone for us, as it is our first long-term power purchase agreement for a solar-plus-storage system that will provide significant benefits to the local community,” said Yumin Liu, CEO of ReneSola.
After relocating its headquarters from China to Connecticut last year, ReneSola has increased efforts to expand its business in the US and Europe, targeting a total solar project pipeline of 1GW by the end of 2020.
Two Massachusetts community PV projects change hands
2 December 2020: Cypress Creek Renewables has completed the sale of two Massachusetts community solar projects totalling 6.35MW to fund manager CarVal Investors.
Located in Bristol and Franklin counties, the facilities were originally developed by Clean Energy Collective, then purchased by Cypress Creek, which completed all late-stage development work. Construction is currently underway on both projects by contractor Signal Energy, with commercial operation expected in the spring of 2021.
The projects have been developed under the Solar Massachusetts Renewable Target (SMART) programme, which provides owners of PV power systems fixed rate payments for the solar energy they produce based on the kilowatt-hours of power produced. The state government earlier this year doubled its target under the scheme from 1.6GW to 3.2GW.
Cypress Creek, which will provide operations and maintenance services for the two projects when completed, last month secured debt financing for the holding company that owns its 1.6GW portfolio of operating solar projects.