Asset manager Capital Dynamics has acquired the 328MW Mount Signal 3 solar plant in California from 8minutenergy Renewables.
The project is the third phase of the 800MW Mount Signal photovoltaic project.
The terms of the transaction have not been disclosed.
Capital Dynamics is currently arranging tax equity and debt financing for the project, with financial close expected later this month.
8minutenergy will continue to develop and oversee construction of the project, which it started work on in 2011.
Mortenson Construction has been appointed the engineering, procurement and construction contractor.
It will be hiring between 300 and 400 local people to carry out the construction work, which will start this year.
First Solar will supply 2.8 million series four thin film solar panels, with Southern California Edison having signed a power purchase agreement for the electricity generated by Mount Signal 3.
The project is expected to start commercial operations by the end of 2018.
8minutenergy president and co-founder Tom Buttgenbach said: “Mount Signal 3 will be built upon 2000 acres of low-productivity farmland, and we will be significantly reducing water usage in the region, as well as protecting wildlife habitat during construction and operation.”
Capital Dynamics head of clean energy infrastructure John Breckenridge said: “With over 3GW of renewable assets in our portfolio, we seek quality projects with teams that we can depend upon to deliver.”
BofA Merrill Lynch was lead financial advisor to 8minutenergy, while Orrick, Herrington & Sutcliffe provided legal counsel.
Capital Dynamics was represented by Amis, Patel & Brewer as legal counsel.