8minutenergy Renewables, LLC, an independent solar power developer in the US, and global private asset manager Capital Dynamics, today announced the acquisition and development of the 328 megawatt-dc Mount Signal 3 (MS3) solar photovoltaic project. The project is located in the city of Calexico in California’s Imperial Valley, and is the third phase of the 800MW Mount Signal Solar Farm, which is among the largest PV projects in the world.
Capital Dynamics acquired Mount Signal 3’s equity interests from 8minutenergy, who will continue to be the project developer. Although terms of the transaction are not being disclosed, Capital Dynamics is currently arranging tax equity and debt financing for the project, with financial closing expected in late July 2017.
8minutenergy started developing Mount Signal 3 in 2011, and has already completed all procurement and construction contracts. Mortenson Construction was appointed as the engineering, procurement, and construction (EPC) contractor, and will be hiring for 300-400 local construction jobs, starting this year. First Solar was selected as the panel supplier, providing 2.8 million Series 4 thin film panels. In addition, Southern California Edison (SCE) and 8minutenergy signed the long-term power purchase agreement in 2014 to deliver the project’s clean, renewable energy to residents in 15 surrounding counties. 8minutenergy will continue to oversee construction, and is expected to bring the plant to commercial operation by the end of 2018.
8minutenergy engaged several advisory firms to close the MS3 transaction, most notably BofA Merrill Lynch as the lead financial advisor, and Orrick, Herrington & Sutcliffe as legal counsel. Capital Dynamics was represented by Amis, Patel & Brewer, LLP as legal counsel.