October 30 (Solar) – New York-based Greenbacker Renewable Energy Company LLC on Monday said it has completed the construction of a 20-MW solar park in California’s Imperial County.
The photovoltaic (PV) plant, known as the Midway III project, is the largest one built by Greenbacker to date and was completed on budget and ahead of schedule. Its construction was initiated in January, a month after Greenbacker bought the scheme from Solar Frontier Americas Holdings LLC, a unit of Japanese CIS (copper indium diselenide) solar panels supplier Solar Frontier KK.
The Midway III solar park will sell its output to utility San Diego Gas & Electric Company under a 20-year fixed-price power purchase agreement.
Greenbacker supported the construction of the plant with a term loan back-leverage facility from KeyBank NA and tax equity financing from PNC Bank. Both of those deals were completed in September.