Grupo T-Solar Global, one of the major independent power producers of photovoltaic solar energy based in Spain, said Dec. 11 that it has successfully completed its first photovoltaic solar plant in El Centro, Calif.
The North American Development Bank (NADB) is providing a $65m loan for the construction of this project.
The plant, located in the city of El Centro in the Imperial Valley occupies 140 acres of land and will generate 55 GWh per year. The sale of energy is regulated by a 30-year power purchase agreement with the Imperial Irrigation District.
“USA is one of the target markets for the growth of Grupo T-Solar and a key market of our long-term business strategy,” said Marta Martinez, CEO of Grupo T-Solar.
The project in El Centro has required an investment of more than $75m and has been financed and supported by the NADB as senior lender; Santander Bank NA, a subsidiary of Banco Santander, as tax equity investor; Astris Finance, a financial advisory firm specializing in energy and infrastructure structured finance in the Americas, acted as financial advisor; and CCA Group, a FINRA-registered broker-dealer specializing in renewable energy, acted as advisor for the tax equity component.
The new solar plant is located in an area considered as priority by the U.S. and Mexican Governments in its effort to preserve and improve environmental conditions and the quality of life for residents on the border between the two countries.
NADB and Grupo T-Solar had announced Aug. 20 the signing of a loan for the construction of a 20-MW (AC) photovoltaic solar park in the city of El Centro in Imperial County.
Grupo T-Solar is a subsidiary of Isolux Infrastructure, a company that also manages highway concessions and transmission lines, and is also planning the construction of a 30-MW solar plant in Puerto Rico.