Greentech Lead America: Tenaska, an independent energy
company in the United States, announced the closing of financing for Imperial
Solar Energy Center South, a utility-scale photovoltaic solar generating plant
in southern California.
The project will be the first among the solar generating
stations the company will develop in California and other states. With this
project, Tenaska is looking to expand its business in solar power generation.
“For 25 years, Tenaska has been a developer and
operator of electric generating plants fueled by natural gas. We’re
leveraging this experience to expand into solar generation, and we expect to
play a significant role in the solar energy industry,” said Tenaska
Development President Dave Fiorelli.
Tenaska Solar Ventures, an affiliate of the Tenaska, was
developed in Imperial County project. The second project, Imperial Solar Energy
Center West, will be developed in near future.
Nine banks provided debt financing. The Bank of
Tokyo-Mitsubishi UFJ and Union Bank led the bank group, which includes BBVA
Compass, DZ Bank, Helaba, Key Bank, Lloyds TSB Bank, Royal Bank of Canada and
Santander’s Sovereign Bank.
“We are proud to have teamed with an outstanding
group of lenders whose professionalism and commitment to the deal were
especially important in today’s challenging financing environment. This
financing also recognizes Tenaska’s consistent approach to rational projects,
underpinned by strong contracts and appropriately structured debt,” said
David Kirkwood, Tenaska vice president and treasurer.
The construction of Imperial Solar Energy Center South
began in December. About 130 megawatts of electricity has been sold to San
Diego Gas & Electric (SDG&E) under a 25-year agreement.
The project will utilize First Solar’s advanced thin film
photovoltaic modules and First Solar is the technology provider and the
engineering, procurement and construction contractor for the project.
Imperial Solar Energy Center South is expected to go
online in 2014, becoming one of the first solar projects to deliver power via
the Sunrise Powerlink transmission line being constructed by SDG&E.