8minutenergy Renewables and Macquarie Capital Close $30 Million in Financing for Solar Project

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Solar developer 8minutenergy Renewables and Macquarie Capital close a $30 million financing deal to build a 90 MW solar farm in Kern County, California. Construction is expected to begin in late 2014, with the site expected to be operational and delivering solar energy to 43,000 homes by mid-2015.

 

8minutenergy Renewables, LLC and Macquarie Capital today announced the closing of up to $30 million in financing to build the 90 MW Redwood Solar Farm located in Kern County, California. The transaction was conducted with 61LK 8ME, LLC, a subsidiary of California-based solar developer 8minutenergy Renewables and Macquarie Capital, the corporate advisory and capital markets arm of global financial services provider Macquarie Group. The Redwood Solar Farm project has signed Power Purchase Agreements (PPA) with Pacific Gas and Electric Company (PG&E), Southern California Edison (SCE), and the City of Palo Alto, California.

 

8minutenergy has 400MW in PPAs and over 20 projects totaling 1,000MW under development. The Redwood Solar Farm is sited on 640 acres of low-productivity farmland. Construction is projected to begin in late 2014, with the site expected to be operational and delivering clean, renewable solar energy to 43,000 households by mid-2015.

 

The project represents more than one milestone for 8minutenergy Renewables. “Partnering with Macquarie Capital is a major milestone for 8minutenergy because one of the world’s leading global financing firms has vetted and invested in one of our projects,” said Martin Hermann, chief executive officer of 8minutenergy Renewables. “Redwood Solar Farm is another important milestone in our company strategy to build up a significant portfolio of solar PV plants. It’s one in a number of projects that we plan to get online before the ITC expires.”

 

“We are delighted to partner with 8minutenergy Renewables — one of the leading developers of solar photovoltaic projects in the United States — on this development financing transaction,” said Michael Allison, Managing Director at Macquarie Capital. “The investment in Redwood Solar Farm demonstrates our continued commitment to developing high-quality renewables projects, and partnering with leading developers on initiatives that help stimulate jobs and fuel local economies.”

 

“This investment by Macquarie Capital demonstrates the quality of 8minutenergy’s projects,” said Tom Buttgenbach, president of 8minutenergy Renewables. “We are excited to build the Redwood Solar Farm with Macquarie Capital, and look forward to working with them to successfully conclude other 8minutenergy projects as well.”

 

The project will bring employment to the area. Buttgenbach added, “ This project will create 225 direct and 450 indirect jobs in Kern County during construction, and contribute to the local economy.”