Development of a new 191 MW solar photovoltaic project is underway north of Los Angeles.
8minuteenergy and D.E. Shaw Renewable Investments says engineering, procurement and construction contractor Swinerton Renewable Energy began construction on Springbok 2 on three square kilometers of abandoned farmland about 70 miles north of Los Angeles.
D.E. Shaw invested most of the project’s equity and arranged debt financing and tax equity from various banks.
Springbok 2 already has in place a power purchase agreement with the Southern California Public Power Authority on behalf of the Los Angeles Department of Water and Power.
Developers expect the project to reach completion by the end of 2016 in time to claim the full 30-percent federal Investment Tax Credit, which decreases to 10 percent by year's end.