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