AllianzGI provides debt financing for 250-MW Nevada solar facility

Allianz Global Investors (AllianzGI), has made an investment on behalf of its clients into the 250-MW Moapa Southern Paiute Solar Project in Nevada . The amount of the financing commitment has not been disclosed.

Located on the Moapa River Indian Reservation approximately 30 miles north of Las Vegas, this facility is the first-ever utility-scale solar power plant to be built on tribal land, and has a long-term power purchase agreement (PPA) with LADWP to bring clean, renewable energy to Los Angeles residents. 

As we reported in early April, First Solar, Inc. completed the sale of the cash equity interests in the solar project to global private asset manager Capital Dynamics.

This is the first infrastructure debt renewable energy investment made by AllianzGI in a project sponsored by Capital Dynamics. KeyBank, N.A. acted as advisor to AllianzGI and MUFG Securities Americas Inc. acted as Placement Agent for the group of institutional investors. Nord LB and KeyBank, N.A. provided other ancillary debt facilities.

First Solar Energy Services will operate and maintain the power plant for Capital Dynamics. 

John Breckenridge, Capital Dynamics’ Head of Clean Energy and Infrastructure, said:

“AllianzGI Infrastructure Debt is an excellent financing partner for Moapa Solar due to its deep understanding of US renewable energy. We are pleased to have their support and look forward to working with them on this first venture together.”

Commenting on the transaction, Jorge Camina, Director of Infrastructure Debt at AllianzGI, said:

“Closing a transaction with Capital Dynamics is another important step in our infrastructure debt expansion in the US and reflects our commitment to renewable energy. Capital Dynamics is a long term owner of infrastructure assets and a natural user of our Infrastructure Debt product. This transaction is our second institutional back-leverage financing to a US utility scale renewable energy project. We will continue offering our clients the exposure they demand in US renewable energy and tailor our financing solutions to meet their individual needs.”