The solar facility would supply adequate energy for more than 12,000 local homes and businesses and reduce approximately 48,000 metric tonnes of carbon emissions annually
8minute Solar Energy, a US-based independent solar and storage developer, has announced the sale of its equity interests in Lotus Solar Farm to Allianz Global Investors, an investment management firm.
The 67MW Lotus Solar Farm is constructed on a 375 acres low-productivity former grazing land, located in Madera County, California, US.
Once completed, the solar farm is expected to produce adequate energy for more than 12,000 local homes and businesses and reduce approximately 48,000 metric tonnes of carbon emissions annually.
Allianz Global Investors infrastructure equity chief investment officer Armin Sandhoevel said: “As an experienced investor in the global renewable infrastructure sector, we’re excited by the current transformation of the U.S. generation fleet towards renewable sources of power.
“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. We look forward to a continued strong partnership with 8minute built upon efficient execution and aligned values.”
Construction at Lotus Solar Facility started in August 2019
8minute said that CIT and NORD LB are offering a construction loan, letter of credit and term loan facility for the project, which is expected to create approximately 300 jobs in Madera County during the peak development and construction.
In addition, Signal Energy is serving as engineering, procurement, and construction (EPC) services provider and NEXTracker along with its NX Horizon smart solar tracker and TMEIC with 14 of their Ninja 4200 central inverters, are serving as suppliers for the Lotus Project.
The acquisition marks the first solar project purchased by the Allianz Global Investors’ US Infrastructure Equity team.
8minute has signed a 20-year Power Purchase Agreement (PPA) with Southern California Edison (SCE), a renewable energy company, for a capacity of more than 125,000,000 kWh per annum, produced at the project once it is completed.
8minute Solar Energy president and CEO Tom Buttgenbach said: “California and Southern California Edison continue to lead the transition to 100% clean energy and that leadership is attracting investment from all across the world. We are proud to collaborate with Allianz Global Investors’ US Infrastructure Equity team on the acquisition of their first U.S. solar project.
“Their decades of expertise in the field of sustainability are a tremendous asset to our state and our industry. In addition, the Lotus Solar Farm offers a perfect example of how solar provides landowners the opportunity to earn reliable revenue while repurposing water constrained, low-productivity agricultural land.”