8minutenergy achieves FC for 26 MW Redwood solar farm
8minutenergy Renewables, LLC, the leading independent solar developer in the U.S.,has announced the closing of debt and tax equity financing for its 26 MW Redwood 4 Solar Farm located in Kern County, California.
The company also announced that project construction has begun, and is expected to be completed later this year. Redwood 4 is the fourth 8minutenergy project in the combined 100 MW Redwood solar cluster near Bakersfield.
Although terms of the transaction are not being disclosed, Zions Bancorporation is providing the project’s construction debt and bridge loan, while U.S. Bancorp is providing the tax equity investment. 8minutenergy will maintain ownership under the terms of the deal. Pacific Gas and Electric Company (PG&E) has entered into an agreement to purchase the clean energy produced by Redwood 4, and the plant is being built as a dedicated resource for PG&E’s Solar Choice program.
Martin Hermann, CEO and Founder, 8minutenergy, said:
“8minutenergy’s goal is to deliver abundant, affordable solar energy through impeccable execution of utility-scale project development. Redwood 4 is delivering on that promise to provide renewable energy to tens of thousands of Californians, and we’re proud to own this beneficial project.
Tom Buttgenbach, President and Co-Founder, 8minutenergy, said:
“8minutenergy led the entire greenfield development and financing process for Redwood 4, and will now manage construction and operations as the long-term owner, all of which demonstrate our ability to deliver high-quality solar assets from inception to operation. We are grateful to have reached today’s milestone with our trusted partners, Zions Bancorporation and U.S. Bancorp, and look forward to future transactions with both financiers. Their flexibility, competence, and shared dedication to driving clean energy adoption is evident.”
Michael MacDonald, Managing Director and Head of Loan Syndications, Power & Project Finance for Zions Bancorporation, said:
“We were pleased that the team at 8minutenergy entrusted us to be the sole lender on this important financing, and we look forward to growing our relationship with them”.
