8minute Solar Energy (“8minute”), the largest independent solar and storage developer in the U.S., announced that it has sold the equity interests of the 67 megawatt-dc Lotus Solar Farm in Madera County, California to Allianz Global Investors (“AllianzGI”), one of the world’s leading active asset managers. The acquisition is the first U.S. solar project purchased by the U.S. Infrastructure Equity team at Allianz Global Investors and brings their 20 years and $163.9 Billion in sustainability-focused investing to the state and industry. 8minute has signed a 20-year Power Purchase Agreement (“PPA”) with Southern California Edison (“SCE”), 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.
“California and Southern California Edison continue to lead the transition to 100% clean energy and that leadership is attracting investment from all across the world. We are proud to collaborate with Allianz Global Investors’ US Infrastructure Equity team on the acquisition of their first U.S. solar project. Their decades of expertise in the field of sustainability are a tremendous asset to our state and our industry,” said Tom Buttgenbach, President and CEO of 8minute Solar Energy. “In addition, the Lotus Solar Farm offers a perfect example of how solar provides landowners the opportunity to earn reliable revenue while repurposing water constrained, low-productivity agricultural land.”
“As an experienced investor in the global renewable infrastructure sector, we’re excited by the current transformation of the U.S. generation fleet towards renewable sources of power,” said Armin Sandhoevel, Chief Investment Officer Infrastructure Equity at Allianz Global Investors. “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.”
The Lotus Solar Farm is being constructed on 375 acres of low-productivity former grazing land. The solar farm will produce enough energy for more than 12,000 local homes and businesses once complete and will reduce carbon emissions by approximately 48,000 metric tons each year. The project’s development and construction are also expected to create 300 peak union jobs in Madera County during construction. CIT and NORD LB are providing a construction loan, letter of credit and term loan facility for the project.
Construction began in August 2019 and will be completed in May 2020. Signal Energy is providing the Engineering, Procurement, and Construction (EPC) 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.
8minute Solar Energy | http://www.8minute.com
Allianz Global Investors | https://us.allianzgi.com