LS Power will use the capital to construct and operate Arlington Valley Solar Energy II, a 127MW solar photovoltaic power generation facility situated on 1,200 acres in Maricopa County.
The financing is part of an structure developed in partnership with Banco Santander that provided $466m to support the development of the project.
Prudential Capital Group jointly structured this unique debt transaction with Santander, which provided $295m in short-term financing, in addition to Prudential Capital Group’s long-term financing, and $50m from other institutional investors.
Construction on the project is scheduled to commence during the first quarter of this year.
Upon completion, the solar project is expected to annually generate about 275,000MW of power in the first year of operation.
The company will sell all generated power to San Diego Gas & Electric as part of a 25-year power purchase agreement.
