NADB is providing a $65 million loan for the construction of the facility ----The electricity produced by the project will be purchased by Imperial Irrigation District (IID)
EL CENTRO, Calif.--Grupo T-Solar, one of the major independent power producers of photovoltaic solar energy based in Spain, has successfully completed its first photovoltaic solar plant in El Centro, California. The North American Development Bank (NADB) is providing a $65 million loan for the construction of this project.
The plant, located in the city of El Centro (Imperial Valley, California), occupies 140 acres of land and will generate 55 GWh per year, equal to an energy consumption of more than 12,000 inhabitants. The sale of energy is regulated by a 30-year power purchase agreement with the utility company Imperial Irrigation District.
"USA is one of the target markets for the growth of Grupo T-Solar and a key market of our long-term business strategy," said Marta Martinez, CEO of Grupo T-Solar.
The project in El Centro has required an investment of more than 75 million dollars and has been financed and supported by the international financial institution, NADB, as senior lender; Santander Bank NA, a subsidiary of Banco Santander, as Tax Equity Investor; Astris Finance, a financial advisory firm specializing in energy and infrastructure structured finance in the Americas, acted as financial advisor; and CCA Group, a FINRA-registered broker-dealer specializing in renewable energy, acted as advisor for the tax equity component.
"We are very grateful and proud to cooperate with the City of El Centro in a joint effort to preserve and enhance environmental conditions and quality of life for people living in Imperial Valley," said Marta Martinez.
The new solar plant is located in an area considered as priority by the US and Mexican Governments in its effort to preserve and improve environmental conditions and the quality of life for residents on the border between the two countries.
According to the company strategy in the US market, Grupo T-Solar has just been awarded with MATOC (Multiple Award Task Order Contracts) by the Department of Defense program. The program has a budget of $7 billion with the goal of installing 3,000 MW of renewable energy in the facilities of the US Army until 2025.
Grupo T-Solar is a subsidiary of Isolux Infrastructure, a company that also manages highway concessions and transmission lines, and is also planning the construction of a new 30 MW solar plant in Puerto Rico.
To date, NADB has provided US$359.3 million in loan financing for 11 utility-scale solar projects in California, Arizona and Texas. When completed, these projects will have a total installed generation capacity of 110.2 MWAC.
For more information about NADB, please contact Juan Antonio Flores at (210) 231-8000 firstname.lastname@example.org.
For more information about Grupo T-Solar or to interview a representative, please contact Lucila Garcia at (323) 646-2150 or email@example.com.