Tenaska, a U.S-based energy provider, has closed a$450 million in commercial financing for its upcoming Tenaska Imperial Solar Energy Center in California.
The project, a 150 MW photovoltaic plant, is expected to begin construction in the final quarter of 2014 and will be operational by 2016, Tenaska said.
First Solar is the EPC partner for Tenaska Imperial West. Tenaska uses First Solar’s thin-film photovoltaic modules to track sun for greater production.
Tenaska Imperial West is the 17th power project and second solar project developed and installed by Tenaska. Around 5000 MW of natural gas-fuelled as well as renewable energy projects of the company are in developing stage. This includes 250 MW solar energy power plants in California and 800 MW of natural gas fuelled plant in Texas. These projects are expected to commence operation in 2017.
David Kirkwood, vice president and treasurer, Tenaska, said, “The company has a record of materialising projects under-taken from concept to reality within the given time frame and budget.”
The company views the Tenaska Imperial West solar project as an opportunity to leverage the company’s experience in utilizing natural gas fuelled power plants to produce solar power energy. The financing and oversubscription prove the strength and prospects of the project, Kirkwood added.
Tenaska Imperial Solar Energy Center South, an affiliate of Tenaska developed a 130 MW solar plant near El Centro in California that began operations in 2013. Tenaska Imperial West has also committed to provide clean energy to San Diego Gas & Electric Company (SDG&E), under a 25 year power purchase scheme.
Greg Kelly, president, development, Tenaska said, “Achieving the financial closing for this project represents a milestone for the company, and the project will begin on scheduled time.”
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