First Solar sells 280MW California Flats solar project to Capital Dynamics

23 August 2017 (Last Updated August 23rd, 2017 18:30)

US-based company First Solar has sold the 280MW California Flats solar project to Capital Dynamics for an undisclosed sum.

US-based company First Solar has sold the 280MW California Flats solar project to Capital Dynamics for an undisclosed sum.

Situated in Monterey County, California, the farm is built on around 2,900 acres of land within the Jack Ranch owned by Hearst.

California Flats features two phases of development. After the first phase, the farm will be able to generate 130MW of power and is expected to be commissioned by Q4, 2017.

This phase is already covered by a long-term power purchase agreement (PPA).

The second phase will be developed to produce 150MW. It is expected to be commissioned by the end of next year.

"California Flats will generate enough energy to supply the equivalent needs of nearly 100,000 homes per year."

Capital Dynamics Clean Energy Infrastructure head John Breckenridge said: “Our Clean Energy Infrastructure (CEI) team now owns three of the ten largest solar projects in North America and has more than 3GW of projects operating or under construction.

“As an investor focused on clean energy projects, we expect to continue to actively grow that portfolio in the immediate future.”

When completed, California Flats will generate enough energy to supply the equivalent needs of nearly 100,000 homes per year.

Based on the Pacific Gas and Electric Company (PG&E) grid, the produced output is expected to remove more than 109,000t of carbon emissions annually.

California Flats is also set to displace more than 152,000t of water consumption annually based on the average California grid.