The solar project is one of 14 projects that were acquired Capital Dynamics from Tenaska in November 2018
Capital Dynamics secures PPA for solar project. (Credit: Unsplash/Mariana Proença.)
Asset management firm Capital Dynamics, through its Clean Energy Infrastructure (CEI) business, has signed a power purchase agreement (PPA) with Indiana Municipal Power Agency (IMPA) to supply power from a 100MW solar plant, located in Indiana.
As per the terms of the PPA, IMPA will purchase power a CEI-owned greenfield solar project, which Capital Dynamics acquired from Tenaska in November 2018. IMPA is a wholesale power provider to 61 cities and towns across Indiana and Ohio
The solar plant is located in Southern Indiana on 1,200 acres of land and is currently in the development stage. The plant is expected to come online in the second half of this year.
Capital Dynamics clean energy infrastructure managing director Benoit Allehaut said: “This agreement with IMPA strengthens our presence in the Midcontinent Independent System Operator (MISO) market and demonstrates our long-term commitment to helping the region reach its renewable power goals.
“Tenaska was a crucial partner in finalizing the agreement and brought significant expertise through all elements of development phase. Together, this project is a part of our larger goal to foster the development of a solar-dominant culture throughout the Midwest.”
Capital Dynamics acquired 14 projects with nearly 2GW capacity in 2018
In November 2018, Capital Dynamics’ CEI business had acquired the portfolio of greenfield solar projects located in the Midwestern US, from Tenaska.
The deal included 14 solar projects with nearly 2GW of capacity in the Midcontinent Independent System Operator (MISO) market. The portfolio included projects across the states of Michigan, Missouri, Illinois, Wisconsin, Indiana and Minnesota.
Based in Omaha, Tenaska is one of the major independent energy companies in the US. It has developed nearly 10.5GW of natural gas-fueled and renewable power projects.
The firm’s affiliate Tenaska Solar Ventures offers development services to approximately 40 projects in 11 states.
Tenaska senior vice president Steve Johnson said “We are excited to see Tenaska’s relationship with Capital Dynamics yield strong results with the signing of this PPA.
“This was our intent when we started doing business together. We are eager to finish development of this project in Indiana and bring it to construction.”