Salt River Project (SRP), a community-based nonprofit utility, has agreed to purchase the entire capacity of the sPower project, which features more than 182,000 solar photovoltaic modules mounted on a single-axis tracking system that follows the sun.
Wells Fargo, which has provided more than $4 billion in capital to renewable energy projects since 2006, provided tax equity financing for Sandstone Solar.
SRP is the third-largest public power utility in the country, with more than 1 million electric customers in the greater Phoenix metro area. The utility set a goal of meeting 20 percent of its retail electricity requirements through sustainable resources by 2020.
SRP is already ahead of schedule, providing more than 14 percent of its retail energy needs with solar, wind, geothermal and hydro power as well as energy-efficiency programs.