US solar developer 8minutenergy Renewables LLC and global private asset manager Capital Dynamics announced the acquisition and development of the 328 MW »Mount Signal 3« (MS3) solar PV project. It is located in the city of Calexico in California’s Imperial Valley, and is the third phase of the 800 MW Mount Signal solar farm.
Capital Dynamics acquired MS3’s equity interests from 8minutenergy, who will continue to be the project developer. Capital Dynamics is currently arranging tax equity and debt financing for the project, with financial closing expected in late July 2017.
8minutenergy started developing Mount Signal 3 in 2011, and has already completed all procurement and construction contracts. Mortenson Construction was appointed as the engineering, procurement, and construction (EPC) contractor, and will be hiring for 300 to 400 local construction jobs, starting this year. First Solar was selected as the panel supplier, providing 2.8 million Series 4 thin film panels. In addition, Southern California Edison (SCE) and 8minutenergy signed the long-term power purchase agreement in 2014 to deliver the project’s energy to residents in 15 surrounding counties. 8minutenergy will continue to oversee construction, and is expected to bring the plant to commercial operation by the end of 2018.
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