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Allianz Global Investors Acquires US Solar Farm

Power News - Published on Mon, 16 Sep 2019

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Allianz Global Investors announced that it has acquired and started construction on the Lotus Solar Farm, a 67 MW photovoltaic solar power plant located in Madera County, California. AllianzGI purchased the Lotus Solar Farm from 8minute Solar Energy, the largest independent solar and storage developer in the US. The project has signed a 20 year Power Purchase Agreement with Southern California Edison one of the nation’s leaders in renewable energy, for the more than 125,000,000 kWh produced annually when the project is complete enough energy to power more than 12,000 Southern California households.

Construction began in August 2019, and is scheduled to be completed in May 2020. Signal Energy is providing the Engineering, Procurement, and Construction services for Lotus. Key suppliers will include NEXTracker with its NX Horizon smart solar tracker and TMEIC with 14 of their Ninja 4200 central inverters. CIT and NORD LB are providing a construction loan, letter of credit and term loan facility for the project.

Mr Armin Sandhoevel, Chief Investment Officer Infrastructure Equity at Allianz Global Investors said that “As an experienced investor in the global renewable infrastructure sector, we’re excited by the current transformation of the US generation fleet towards renewable sources of power. The acquisition of the Lotus Solar Farm directly supports our mission to actively invest in the future of the US energy landscape by owning high-quality renewable power projects that promote a positive environmental impact. We look forward to a continued strong partnership with 8minute built upon efficient execution and aligned values.”

Mr Tom Buttgenbach, President and CEO of 8minute Solar Energy said that “California continues to lead the transition to 100% clean energy, and projects such as the Lotus Solar Farm will be instrumental in providing dependable and affordable solar power. We are pleased to collaborate with Allianz Global Investors and Southern California Edison to bring clean energy to thousands of Southern California residents. In addition, the Lotus Solar Farm offers a perfect example of how solar can offer farmers the opportunity to earn reliable revenue while repurposing water constrained, low-productivity agricultural land.”

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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