New Energy Solar starts construction of 200 MW solar project in California
New Energy Solar (NEW) has announced that it has held a construction groundbreaking ceremony at Mount Signal 2 (MS2), a 200 MW solar project in Imperial County, California. Swinerton Builders began preliminary site works in August and are expected to complete construction of the plant in the second half of 2019.
The ceremony was hosted in conjunction with the project’s previous owner, D.E. Shaw Renewable Investments (DESRI), who now provide development and asset management services to the project. NEW acquired MS2 from DESRI in March 2018.
Along with representatives from NEW, DESRI and Swinerton Builders, also attending were representatives from Imperial County, the power purchaser Southern California Edison (SCE), KeyBank and HSBC, who provided debt financing for the project’s construction, and Wells Fargo, who will provide tax equity financing.
Once completed, MS2 will cover approximately 1,300 acres and is expected to generate enough electricity to power 69,400 homes, abating approximately 247,000 tonnes of carbon, the equivalent of removing 53,700 cars off the road. It will create an estimated 200 local jobs in Imperial County during construction.
MS2 is expected to begin generating electricity in the second half of 2019 and will consist of more than 464,000 solar panels mounted on a single-axis tracking system, allowing the panels to generate more electricity as they follow the sun’s movement throughout the day. The plant will sell its output to SCE under a 20-year power purchase agreement beginning in June 2020.
