8minute Solar Energy, based in California, has sold the equity interests of the 67 MW Lotus Solar Farm to Allianz Global Investors. The acquisition is the first U.S. solar project purchased by the U.S. Infrastructure Equity team at Allianz.
Courtesy of 8Minute Solar Energy
8minute has signed a 20-year PPA with Southern California Edison, one of the nation’s leaders in renewable energy, for the more than 125,000,000 kWh produced annually when the project is complete.
“The acquisition of the Lotus Solar Farm directly supports our mission to actively invest in the future of the US energy landscape by owning high-quality renewable power projects that promote a positive environmental impact,” said Armin Sandhoevel, Chief Investment Officer Infrastructure Equity at Allianz Global Investors
The Lotus Solar Farm is being constructed on 375 acres of low-productivity former grazing land in Madera County, the geographic center of the state of California. The solar farm will produce enough energy for an estimated 12,000 local homes and businesses once complete and will reduce carbon emissions by approximately 48,000 metric tons each year. The project’s development and construction are also expected to create 300 peak union jobs in Madera County during construction. CIT and NORD LB are providing a construction loan, letter of credit and term loan facility for the project.
Construction began in August 2019 and is expected to be completed in May 2020. Signal Energy is providing the Engineering, Procurement, and Construction (EPC) services for Lotus. Key suppliers will include NEXTracker with its NX Horizon™ smart solar tracker and TMEIC with 14 of their Ninja 4200 central inverters.