8minutenergy Renewables and D. E. Shaw Renewable Investments Start Construction of the 137MW Springbok 1 Solar Farm
Nations Leading Independent Solar PV Developer and Global Investment Firm Developing Solar Farm to Deliver Clean Power to Los Angeles
Los Angeles, CA July 07, 2015
8minutenergy Renewables, LLC (8minutenergy) and D. E. Shaw Renewable Investments, L.L.C. (DESRI) today announced the completion of permitting and start of construction of the 137 megawatts-dc (105 MW-ac) Springbok 1 Solar Farm, located 70 miles north of Los Angeles in Kern County, California.
Springbok 1 Solar Farm has a signed Power Purchase Agreement (PPA) with the Southern California Public Power Authority (SCPPA), on behalf of its participating member, the Los Angeles Department of Water and Power (LADWP).
Springbok 1 Solar Farm is a utility-scale solar generation facility sited on up to about 700 acres of low-productivity farmland. 8minutenergy began developing the project in 2011. Swinerton Builders is serving as the engineering, procurement, and construction firm, with affiliates of 8minutenergy and DESRI overseeing construction management. DESRI led the equity investment in the project and secured debt and tax equity financing. The project is being financed by a syndicate of lenders, including KeyBank National Association, Santander Bank, N.A., OneWest Bank N.A., CoBank, ACB, and Siemens Financial Services, Inc. U.S. Bancorp Community Development Corporation provided a commitment for tax equity financing. The project is expected to reach its commercial operations date in June 2016. It is expected to displace the equivalent of approximately 300,000 metric tons of carbon dioxide (CO2) per year, which is equal to the amount that roughly 12 million trees would displace annually.
Job fairs for construction will be held in Kern County starting in July. Graduates of Los Angeles-based Homeboy Industries solar panel installation training and certification program will provide some of the labor for the project through a partnership between 8minutenergy and the International Brotherhood of Electrical Workers (IBEW) Local 428. Homeboy Industries serves formerly high-risk, gang-involved men and women with a continuum of free services and programs and operates seven job-training sites.
"We are pleased to begin construction of the Springbok project to provide clean energy to the people of Los Angeles with the permitting and financing complete. This solar farm is another example of 8minutenergy bringing projects from conception to construction," said Martin Hermann, chief executive officer of 8minutenergy Renewables.
"DESRI is excited to close on the financing for the Springbok 1 Solar Farm," said Bryan Martin, managing director and head of U.S. private equity for the D. E. Shaw group. "We value our partnership with 8minutenergy, and this investment further expands DESRIs renewable energy portfolio while helping to power more U.S. homes with green energy."
"We enjoyed working with SCPPA/LADWP and Kern County Planning and Development Department. We are particularly pleased that this project received unanimous votes and the full support of all approving agencies as well as the local community and environmental groups," said Tom Buttgenbach, president of 8minutenergy Renewables. "The Springbok 1 Solar Farm will create an estimated 300 direct and 400 indirect jobs during construction in Kern County."
The solar power system for Springbok 1 Solar Farm will be comprised of state-of-the-art solar photovoltaic modules, related power electronics, and other components including an advanced tracking system that follows the sun to maximize energy production.
About 8minutenergy Renewables, LLC
8minutenergy Renewables develops, finances, engineers, constructs, holds, operates and maintains solar projects. To date, 8minutenergy Renewables has been awarded over 1,150 MW in PPAs; secured more than 1,200 MW in General Interconnection Agreements (GIA); obtained Conditional Use Permits (CUP) for more than 10,000 acres; and has 15,000 acres of land under contract. 8minutenergy has offices in Los Angeles, Folsom, San Francisco, New York, Singapore and New Delhi, India. For more information, please call (916) 608-9060, send email to info(at)8minutenergy(dot)com or visit http://www.8minutenergy.com.