Solar photovoltaic energy project closes on financing

Tenaska closed financing for the Imperial Solar Energy Center South, a utility-scale photovoltaic solar generating plant in southern California. Terms of the deal were not disclosed.

Nine banks provided debt financing. The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Union Bank, N.A. (collectively, MUFG) led the bank group, which includes BBVA Compass, DZ Bank, Helaba, Key Bank, Lloyds TSB Bank, Royal Bank of Canada and Santander's Sovereign Bank.

The 946-acre solar PV project was developed by an affiliate, Tenaska Solar Ventures LLC. A second project, Imperial Solar Energy Center West, is being developed nearby.

On-site construction of Imperial Solar Energy Center South began in December. About 130 MW of electricity has been sold to San Diego Gas & Electric (SDG&E) under a 25-year agreement.  First Solar (Nasdaq: FSLR) is providing the thin-film photovoltaic modules and the engineering, procurement and construction contractor for the project.

Imperial Solar Energy Center South is expected to go into commercial operation in 2014.

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