FOR IMMEDIATE RELEASE
LOS ANGELES & NEW YORK – Dec. 14, 2015 – 8minute Solar Energy (8minute) and an affiliate of D. E. Shaw Renewable Investments, L.L.C. (DESRI) today announced the completion of permitting, financial closing, and start of construction of the 191 megawatts-dc (150 MW-ac) Springbok 2 Solar Farm, located 70 miles north of Los Angeles in Kern County, California.
8minute recently announced that it had signed a power purchase agreement (PPA) for the Springbok 2 Solar Farm with the Southern California Public Power Authority (SCPPA), on behalf of its participating member, the Los Angeles Department of Water and Power (LADWP). DESRI invested the majority of the equity in the project and arranged senior debt financing from a syndicate of lenders led by Santander Bank, N.A., which also included CIT Bank, NA, KeyBank, N.A., HSBC Bank, CoBank, ACB, Siemens Financial Services, and Citi. In addition, DESRI arranged a commitment for tax equity financing from State Street Bank & Trust Company and Citi.
Combined with the 137 MW-dc (105 MW-ac) Springbok 1 Solar Farm that DESRI and 8minute began constructing in July, the two new solar facilities are expected to generate enough clean, renewable energy to serve over 110,300 Los Angeles households. The amount of greenhouse gas emissions avoided will be comparable to removing 71,400 cars from the road.
“The recent signing of the Springbok 2 PPA and the completion of permitting and beginning of construction are yet more milestones that reflect 8minute’s record of success,” said 8minute Chief Executive Officer Martin Hermann. “We are proud to have established ourselves as the leading independent solar provider in the U.S. with 1,400MW of contracted projects, and we’re pleased to sell our second project to DESRI this year.”
Springbok 2 Solar Farm is a utility-scale solar generation facility sited on up to about 700 acres of abandoned farmland taken out of production more than 20 years ago. 8minute began developing the project in 2011, and it is expected to reach its commercial operations date in the fourth quarter of 2016. As with Springbok 1, 8minute selected Swinerton Renewable Energy as the engineering, procurement and construction firm of Springbok 2, with affiliates of 8minute and DESRI overseeing construction management and further development.
“DESRI is thrilled to add another world-class solar project to its portfolio,” said Bryan Martin, managing director and head of U.S. Private Equity for the D. E. Shaw group. “We have enjoyed working with SCPPA, LADWP, and the 8minute team to develop a facility that we expect will provide clean power to Los Angeles for years to come.”
Job fairs for construction of both Springbok projects were held in Kern County in September. Both projects are individually expected to create an estimated 300 direct and 400 indirect jobs during construction in Kern County.
“The Springbok projects are impactful on many fronts, from helping Los Angeles secure a clean energy future to creating an estimated 300 direct and 400 indirect jobs for each project during construction in Kern County,” said Tom Buttgenbach, President of 8minute, noting that job fairs for construction of both Springbok projects were held in Kern County in September.
The solar power system for Springbok 2 Solar Farm will be comprised of state-of-the-art solar photovoltaic modules, related power electronics, and other components including an advanced tracking system that follows the sun to maximize energy production.
About 8minute Solar Energy
8minute Renewables develops, finances, engineers, constructs, owns, operates and maintains solar projects. 8minute Renewables is the largest independent solar developer in the United States. To date, 8minute Renewables has been awarded over more than 1,400 MW in PPAs; secured more than 1,500 MW in Generation Interconnection Agreements (GIA); and has secured over 20,000 acres of land bank. 8minute has offices in Folsom, Los Angeles, San Francisco, New York, Dallas, Singapore and New Delhi, India. For more information, please call 800-585-3132 or +1-916-608-9060, send email to [email protected] or visit www.8minute.com.
About D. E. Shaw Renewable Investments, L.L.C.
E. Shaw Renewable Investments, L.L.C. (DESRI) and its affiliates seek to acquire and operate long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with approximately $39 billion in investment capital as of November 1, 2015, and offices in North America, Europe, and Asia. Please visit www.deshaw.comfor more information about the D. E. Shaw group.
About Swinerton Renewable Energy
Swinerton Renewable Energy (SRE) offers engineering, procurement, construction, and SOLV® services for solar photovoltaic plants throughout North America to a diverse range of clients. Over 125 years of building landmark projects, Swinerton has forged a reputation for unsurpassed safety, workmanship, on-time delivery, and customer satisfaction. Today, our team takes pride in building cost-effective solar systems that will generate reliable, clean power for many years to come. SRE has delivered over 850 MW solar projects and our SOLV team manages over 1.5 GW of PV plants.
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