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.

Read more financial news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...