Solar energy project receives $77.4mn loan

The North American Development Bank (NADB) signed a $77.4 million loan agreement with Imperial Valley Solar Co. 1 LLC to build a 23 MW solar energy power plant in Niland, Calif.

The project consists of fixed-tilt polycrystalline silicon photovoltaic (PV) modules. It will be built on 123 acres within the Imperial Irrigation District (IID) and adjacent to the Niland electric substation. IID will buy 20 MW of the generated output.

The project was certified by the Border Environment Cooperation Commission (BECC) on June 6, 2011.

Imperial Valley Solar Co. 1 LLC is a unit of the California-based SunPeak Solar LLC, a privately-held solar energy project developer and asset manager focused on providing utilities with custom-tailored solar energy solutions.

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