Goldman Sachs Renewable Power, a company owned by the Renewable Power Group of Goldman Sachs Asset Management (GSAM), has acquired the 123MW American Kings Solar project from First Solar.

Located in Kings County, California, the solar project is supported by 15-year power purchase agreement (PPA) with Southern California Edison and is expected to begin operations in this year’s last quarter.

GSAM Renewable Power Group vice president Greg Roer said: “We are excited to partner with First Solar and M&T Bank in acquiring the American Kings Solar project.  This is a bankable power plant backed by a long-term PPA, that is responsibly developed, and will generate the lowest carbon electricity possible today.

“We believe that this facility will have a positive impact on the environment and the community by directly displacing carbon emissions. We look forward to adding it to our growing portfolio in the United States.”

The solar project can offset nearly 78,000 metric tons of CO2 emissions annually

Once operational, the solar plant can help in offsetting about 78,000 metric tons of CO2 emissions into the atmosphere annually, which is equal to taking away 15,000 cars off the streets and saving 79 million litres of water every year.

The facility will be powered by First Solar’s Series 6 PV modules, which are designed and developed at the company’s research and development (R&D) centers in California and Ohio.

First Solar project finance and treasury vice president Richard Romero said: “GSRP and First Solar share a common vision for a future powered by sustainable energy, and a commitment to achieving this by establishing and upholding some of the highest environmental stewardship standards in the industry.

“We thank GSRP for its trust and for recognizing the value of adding a First Solar-developed project to its portfolio. As America’s solar company, we’re proud that this project will support California’s efforts to decarbonize its electricity with technology developed in the state.”

Last month, the PV panel-maker signed 15-year PPA with Dow to supply 75% of power from its 200MW Horizon solar facility in Frio County, Texas.