Solar project wins $121mn financing

The 127 MW Arlington Valley Solar Energy II plant in Arizona gained $121 million in financing from Prudential Capital Group.

The financing is part of a structure developed in partnership with Banco Santander S.A. that provided $466 million to support the development of the project. Prudential jointly structured the debt transaction with Santander, which provided $295 million in short-term financing, in addition to Prudential’s long-term financing, and $50 million from other investors.

LS Power is expected to use the funds to construct and operate the project. San Diego Gas & Electric signed a 25-year power purchase agreement for the output.

Construction is expected to begin in the first quarter of 2012. Fluor (NYSE: FLR) is the engineering, procurement and construction contractor for the project.

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