Greenbacker Renewable Energy has completed the construction of its 20MW Midway III solar PV project located in Imperial County, California.
Greenbacker purchased this project from Solar Frontier Americas Holdings (Solar Frontier) in last December and began construction this January. This project represents the largest solar project constructed by Greenbacker to date, and has been completed on budget and ahead of schedule. Midway III sells all generated power to San Diego Gas & Electric Company through a 20-year fixed-price power purchase agreement.
Greenbacker CEO Charles Wheeler said: “When we announced the purchase of this pre-construction project from Solar Frontier last year, we estimated that it would take until October 2018 to complete. We are pleased to announce that due to the dedication of our technical asset management staff and the great work of our construction partners, Solar Frontier and McCarthy Building, we were able to complete the commissioning of the project a month ahead of schedule, with the plant reaching commercial operation under its PPA on 6 September this year.
“The Company continues to demonstrate an ability to successfully execute a wide variety of transactions, including the purchase of construction-ready projects, as well as operating assets.”
As part of the transaction, Greenbacker built upon on its relationship with KeyBank N.A. by entering into a term loan back-leverage facility for Midway III. In addition, the Company also arranged tax equity financing from PNC Bank. Both transactions closed on 28 September, this year.
Source: Company Press Release