First Solar sells California solar project to Capital Dynamics
Written By: Katherine Demetre
August 22, 2017
On Aug. 22, 2017, First Solar announced they had completed the sale of the 280 MW AC California Flats Solar Project in Monterey County, California to Capital Dynamics.
Per the company, the 130MW first phase is expected to be commissioned in the fourth quarter of 2017 and is fully contracted under a long-term Power Purchase Agreement (PPA). The company also stated that the 150MW second phase, which is currently under construction, is expected to be commissioned by the end of 2018 and is fully contracted under a long-term PPA.
John Breckenridge, Head of Capital Dynamics Clean Energy Infrastructure, stated:
We are very excited to have completed another important transaction with First Solar. Our Clean Energy Infrastructure (CEI) team now owns three of the 10 largest solar projects in North America and has over 3 GW of projects operating or under construction. As an investor focused on clean energy projects, we expect to continue to actively grow that portfolio in the immediate future.
According to the company, Capital Dynamics acquired cash equity in the Moapa Southern Paiute Solar Project in Nevada, which First Solar developed and constructed.
The project is predicted to generate enough clean solar energy to serve the equivalent needs of about 100,000 average homes per year.