8minutenergy and Capital Dynamics have announced together the acquisition and development of the third phase of the Mount Signal Solar Farm in California, a 328 megawatt project which is among the largest solar PV projects in the world.
The largest independent solar project developer in the United States, 8minutenergy Renewables, along with global private asset manager Capital Dynamics, will partner on the third phase of the 800 megawatt (MW) Mount Signal Solar Farm being developed in Calexico, in California’s Imperial Valley. Specifically, Capital Dynamics has acquired the 328 MW project from 8minutenergy, which will stay on as project developer. Terms of the acquisition have not been published.
8minutenergy already began development on Mount Signal 3 back in 2011, with all procurement and construction contracts completed. First Solar will provide the 2.8 million Series 4 thin film solar panels, while Californian utility Southern California Edison has signed a Power Purchase Agreement (PPA) for the electricity generated by the project, which will provide residents in 15 surrounding counties with clean electricity.
So far the larger Mount Signal Solar Farm is made up of the 260 MW Mount Signal 1 project in Imperial County, developed by 8minutenergy, and the 150 MW Mount Signal 2 project was 50% owned by SunEdison, before it handed it off to its Yieldco, TerraForm Power.
The Mount Signal Solar Farm makes a sizable dent in California’s total solar power capacity, which according to the US Solar Energy Industries Association (SEIA) sits at around 19 gigawatts (GW), and is expected to grow another 13 GW over the next few years.
“As the original developer of the Mount Signal Solar Farm, we successfully built the 260 MW-dc Mount Signal 1 project, and brought it online in 2013,” said 8minutenergy CEO and Founder, Martin Hermann.
“We are thrilled to bring Mount Signal 3 to fruition, which is the largest in 8minutenergy’s history. It’s our mission to deliver abundant and affordable clean energy, and we are certainly doing that with Mount Signal 3. Through our rigorous project development approach, we are going to once again be delivering solar power at cost-competitive rates to fossil fuels.”
“We are proud to own the Mount Signal 3 solar project, and to deepen our relationship with 8minutenergy,” added John Breckenridge, Capital Dynamics’ Head of Clean Energy Infrastructure. “With over 3 GW of renewable assets in our portfolio, we seek quality projects with teams that we can depend upon to deliver. This transaction is consistent with CEI’s strategy of long-term ownership of high-quality power generation assets in North America and Europe.”