8minute Solar Energy divests 67 MW Lotus Solar Farm in the US to AllianzGI

8minute Solar Energy has sold the equity interests of the 67 megawatt-dc Lotus Solar Farm in Madera County, California to Allianz Global Investors.

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.

8minute has signed a 20-year Power Purchase Agreement with Southern California Edison for the more than 125,000,000 kWh produced annually when the project is complete.

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.