Tenaska closes financing on 150 MW photovoltaic solar plant

Independent energy provider Tenaska closed $450 million in commercial financing for Tenaska Imperial Solar Energy Center West, a 150 MW photovoltaic solar electric generating plant near El Centro, California, and Tenaska’s second utility-scale project in the region.

Tenaska Imperial West will be the 17th power generation project Tenaska has developed, financed and constructed, and its second solar power facility.

 

An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130 MW, utility-scale solar plant also near El Centro in Southern California’s Imperial Valley. Tenaska Imperial South began commercial operation Nov. 1, 2013.

Tenaska plans to begin construction on Tenaska Imperial West later in 2014, with commercial operation expected in 2016. Like Tenaska Imperial South, Tenaska Imperial West will provide clean, renewable energy to San Diego Gas & Electric Co. (SDG&E) under a 25-year power purchase agreement via SDG&E’s Sunrise Powerlink transmission line.

First Solar is the engineering, procurement and construction (EPC) contractor for Tenaska Imperial West. The facility will use First Solar’s advanced thin-film photovoltaic (PV) modules with single-axis tracking to follow the sun for greater power generation. First Solar was the EPC contractor for Tenaska Imperial South and now operates the facility under a contract with Tenaska.

An affiliate of Tenaska is the majority owner of Tenaska Imperial West. An affiliate of Silver Ridge Power, LLC owns a minority interest in the project.

Mitsubishi UFJ Financial Group, BNP Paribas, Royal Bank of Canada, Santander Bank, Helaba and DZ Bank led the bank group. Riverside Risk Advisors assisted Tenaska in designing and executing its interest rate risk management program.

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