20 December 2017
Solar Frontier Americas Development sells 66MW solar project to X-ELIO
San Francisco-based Solar Frontier Americas Development, a US subsidiary of Tokyo-based Solar Frontier – the largest manufacturer of CIS (copper indium selenium) thin-film photovoltaic (PV) solar modules – has completed the sale of its solar power project Midway I to X-ELIO, a global developer and operator of solar plants headquartered in Spain that became the solar development vehicle of multi-national investment firm KKR in 2015. The 66MWDC solar power plant is located in Imperial County, a few miles northwest of Calipatria, California.
The project has been financed by Santander Global Corporate Banking, a division of Santander Bank and Prudential Capital Group under a hybrid debt and fixed-rate notes structure that covers the entire contracted period. Tax equity is being provided by US Bancorp Community Development Corporation (a division of US Bank). Still under construction, the project will commence operations in the next few months and will supply renewable energy under two power purchase agreements (PPAs) during a total period of 23 years.
“Solar Frontier Americas has developed and sold six utility-scale projects totaling 173MWDC and we are continuing to grow our pipeline, which currently exceeds 550MW of solar projects,” notes Solar Frontier Americas Development’s CEO Charles Pimentel. “The addition of such a highly esteemed international investor to our customer base is proof that our development capabilities continue to expand and gain recognition. X-ELIO’s world-class team worked collaboratively with us to complete this transaction,” he adds.
“We have partnered with Solar Frontier’s expert team since May, and worked hard in creating an extremely competitive capital structure,” says X-ELIO’s CEO Jorge Barredo. “We are now ready to deploy capital at any stage of the project lifecycle, from development to operation, and we rely on a growing team of highly experienced people to develop our pipeline, forge partnerships with other development companies, and become a major player also in the United States.”