US-based independent solar power developer 8minutenergy Renewables has entered a definitive agreement to sell the equity interests of the 121MW-dc Springbok 3 solar farm to independent global private asset management firm Capital Dynamics.

Financial details of the transaction have not been disclosed by either of the companies.

8minutenergy CEO Martin Hermann said: “As California embarks on the challenge of transitioning to 100% clean energy, projects such as the Springbok cluster will be instrumental in proving the cost-competitiveness and ease of installation of large-scale solar power.

“We are pleased to collaborate on another project with Capital Dynamics to bring reliable, affordable solar energy to the people of Los Angeles.”

Located in Kern County, California, Springbok 3 solar farm is reported to be the third installation in the Springbok cluster that includes 8minutenergy’s 137MW-dc Springbok 1 project and 191MW-dc Springbok 2 project to supply clean energy to more than 152,000 households in Los Angeles.

“We are pleased to collaborate on another project with Capital Dynamics to bring reliable, affordable solar energy to the people of Los Angeles.”

Springbok 3 currently has a 27-year power purchase agreement (PPA) with Southern California Public Power Authority (SCPPA), with a three-year extension option.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The project will break ground later this year, and commercial operation is slated for June next year.

As part of the deal, 8minutenergy will continue to serve as the developer and construction manager for the project.

Capital Dynamics Clean Energy Infrastructure business director Benoit Allehaut said: “We are proud to acquire the Springbok 3 solar project and to deepen our relationship with 8minutenergy.

“Our strategy of ownership of high-quality assets with very long-term power purchase agreements aligned perfectly with this particular project.

“We are confident in our ability to deliver a premium asset in partnership with 8minutenergy, having already witnessed their dedication to developing projects on-time and on-budget.”