US-based photovoltaic (PV) manufacturer First Solar has completed a sale of cash equity interests in the Moapa Southern Paiute solar project to Swiss asset management company Capital Dynamics.
Located on the Moapa River Indian Reservation approximately 30 miles north of Las Vegas, Nevada, the project has an installed capacity of 250MW alternating current (AC).
First Solar's chief commercial officer Georges Antoun said: “This has been an exciting project to develop and build.
“Our technology is driving down the cost of solar electricity and enabling power providers to include competitive, reliable renewable energy in their portfolios. We are proud to transfer ownership of this power generation asset to Capital Dynamics.”
The minority tax equity interests in the Nevada solar project are shared by General Electric (GE) unit GE Energy Financial Services and an affiliate of the investment banking company Goldman Sachs Group.
Being the one of the first utility-scale solar facilities to be constructed on tribal land, the Moapa Southern Paiute plant has a long-term power purchase agreement (PPA) with Los Angeles Department of Water and Power (LADWP). The 250MW facility is capable of generating enough renewable to supply approximately 111,000 Los Angeles residents.
Capital Dynamics' clean energy and infrastructure head John Breckenridge said: “The Moapa project is an important step in the clean energy and infrastructure strategy of Capital Dynamics.
“We continue to be long-term owners of high-quality power generation assets in North America and Europe. We are particularly pleased that with Moapa, we expand our strong relationship with First Solar.”
The Moapa Southern Paiute solar project is also capable of reducing carbon emissions by approximately 341,000 metric tonnes every year. First Solar Energy Services will also be responsible for operating and maintaining the facility.
Image: Officials during the formal commissioning of the Moapa Southern Paiute solar project in Nevada, US. Photo: courtesy of First Solar