May 25 (Renewables Now) – CIM Group has closed debt and tax equity financing for a 250-MW solar project that will be switched on by this autumn, forming part of the over 2.7-GW Westlands Solar Park (WSP) in California.
The US real estate and infrastructure owner said on Monday that the so-called Aquamarine photovoltaic (PV) park is the first phase of the huge complex in the Golden State’s San Joaquin Valley in western Fresno and Kings Counties. In addition to the debt and tax equity financing arranged by Deutsche Bank, the developer has recently sealed a power purchase agreement (PPA) with Silicon Valley Power, the electric municipal utility of the City of Santa Clara, to sell renewable energy credits (REC) from 75 MW of the plant’s capacity.
The Aquamarine project also has in place an off-take contract with locally-governed electricity provider Valley Clean Energy Alliance for power coming from 50 MW of its capacity. The power will be supplied to the cities of Davis, Woodland, Winters and unincorporated portions of Yolo County.
Once fully operational the WSP complex will be capable of generating electricity for more than 1.2 million homes. Among the project’s other off-takers is Anaheim Public Utility, while more PPAs with other counterparties are being negotiated, the developer said.