January 23 (Renewables Now) - Private asset manager Capital Dynamics has tied up with 8minute Solar Energy for the acquisition of the under-construction Eland solar-plus-storage complex in California.
The companies have signed a development partnership for the equity financing and purchase of the huge project, Capital Dynamics said on Wednesday. Financial details about the deal were kept under wraps.
The Eland Solar & Storage Centre in Kern County will include a 400-MW photovoltaic (PV) park that will be coupled with a 300-MW/1,200-MWh battery storage system. Once completed, the complex will serve municipal utility The Los Angeles Department of Water and Power (LADWP) under a long-term power purchase agreement (PPA). While the power plant is scheduled to be switched on in 2022, it is expected to reach full commercial operations a year later, ranking as the second largest PV farm in the US, according to the statement.
8minute will oversee the project’s construction, which will be split into two phases. The company has the right to re-purchase a portion of the project upon commissioning.