Investment agency Capital Dynamics added one other of the most important U.S. solar initiatives underway to its rising portfolio, asserting Wednesday the acquisition of the 400-megawatt Eland project in Kern County, California from 8minute Solar Energy.
The ground-breaking Eland project is because of attain full business operation in 2023 some 70 miles outdoors of Los Angeles, and can function a 300 megawatt/1,200 megawatt-hour energy storage facility, making it one of many nation’s largest solar-plus-storage initiatives introduced thus far.
Financial phrases of the deal weren’t disclosed. California-based 8minutenergy will keep on to deliver Eland via its closing levels of growth, and has the fitting to repurchase a portion of the project upon its completion.
The deal underlines the rising partnership between Capital Dynamics, a Switzerland-based asset supervisor, and 8minute, the California-based solar developer.
Including its acquisition of the 387-megawatt Eagle Shadow Mountain Project in Nevada earlier this month, CapDyn now seems to personal seven of the 20 largest solar initiatives at present introduced within the United States. 8minute is behind a number of of these initiatives, together with Eland, which obtained final approval this fall.
In an announcement, Capital Dynamics referred to as 8minute the “uncontested leading solar developer in the country” (this title, in actual fact, goes to First Solar for initiatives working and in growth, however 8minute ranks within the high 5 in accordance with Wood Mackenzie Power & Renewables). Meanwhile, 8minute applauded the “significant financial resources” Capital Dynamics brings to a project, which 8minute can make the most of for development.
The project additionally marks Capital Dynamics’ fourth delivering power to the Los Angeles Department of Water and Power, town’s municipal utility (and the most important municipal utility within the nation).
Beyond its increasing base of big solar initiatives, Capital Dynamics has taken a rising curiosity in solar-plus-storage. Eland would be the third such hybrid project in its portfolio.
The solar power buy settlement with LADWP undercuts previous records at under $20 per megawatt-hour. Combined with storage, the worth is more likely to be sub-$40 per megawatt-hour, under different offers of its type.
Funneling the power to Los Angeles is a part of Mayor Eric Garcetti’s vision to replace gas plants with renewable energy, a mission that energy storage will assist town meet.
“With storage, the effective capacity factor is in the 60 percent range, so it is able to power California for a big portion of the day and eat into peak load,” Colin Smith, a senior solar analyst at WoodMac, told GTM this fall.