Swiss asset management company Capital Dynamics has acquired a 280MW solar plant situated in the US state of California from First Solar.

The California Flats solar plant comprises of two phases. The two phased solar project is located in Monterey County, California.

The plant is located on a 2900-acres of ranch land with the Jack Ranch owned by the Hearst Corp near the San Luis Obispo and Monterey County borders.

However, financial terms of the acquisition were not disclosed.

The first phase is 130MW and scheduled for commissioning in the last quarter of this year. The first phase has been fully contracted under a long-term power purchase agreement (PPA).

The second phase is 150MW and it is presently being constructed. Commissioning of the plant is expected to take place by the end of 2018. 

The California Flats Solar project will generate enough clean energy to power about 100,000 average US households per year, while offsetting about 109,000 metric tons of carbon dioxide (CO2) annually. The project can also reduce the consumption of 150,000 metric tons of water consumption.

Capital Dynamics Clean Energy Infrastructure head John Breckenridge said: “We are very excited to have completed another important transaction with First Solar.

"Our Clean Energy Infrastructure (CEI) team now owns three of the ten 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.

First Solar’s chief commercial officer Georges Antoun said: “We are proud to continue our support of Capital Dynamics renewable energy strategy.

“The California Flats project includes an exciting mix of utility and corporate renewable energy procurement. First Solar’s technology ensures both end user groups will receive reliable, clean renewable energy.”

Recently, Capital Dynamics acquired the 250MW Moapa Southern Paiute Solar Project from First Solar. The solar plant is spread across a 200-acre land on the the Moapa River Indian Reservation in Clark County, Nevada.

Image: First Solar sells 280MW solar plant to Capital Dynamics. Photo: Courtesy of First Solar.