Kick off for Springbok 2
Construction starts following financial close at 191MW project
8minutenergy Renewables has started construction of the 191MW DC Springbok 2 solar farm in Kern County in California.
The company has also completed permitting and reached financial close on the project.
The project is sited on up to about 700 acres of abandoned farmland taken out of production more than 20 years ago.
The company, an affiliate of DE Shaw Renewable Investments (DESRI), began developing the project in 2011, and it is expected to reach its commercial operations date in the fourth quarter of 2016.
As with Springbok 1, 8minutenergy selected Swinerton Renewable Energy as the engineering, procurement and construction firm of Springbok 2, with affiliates of 8minutenergy overseeing construction management and further development.
The company has signed a power purchase agreement (PPA) with the Southern California Public Power Authority (SCPPA), on behalf of the Los Angeles Department of Water and Power.
DESRI invested the majority of the equity in the project and arranged senior debt financing from a syndicate of lenders led by Santander Bank, CIT Bank, KeyBank, HSBC Bank, CoBank, ACB, Siemens Financial Services and Citi.
In addition, DESRI arranged a commitment for tax equity financing from State Street Bank & Trust Company and Citi.
8minutenergy chief executive officer Martin Hermann said: “The recent signing of the Springbok 2 PPA and the completion of permitting and beginning of construction are yet more milestones that reflect 8minutenergy’s record of success.”
Image: Mount Signal Solar Farm in Imperial Valley (8minutenergy)