Greenbacker Renewable Energy has acquired the 26MW Midway 3 solar plant in California from Solar Frontier Americas Holdings.
Construction of the project, which will be located in Imperial county, is scheduled to start in January.
Commercial operations are planned for October next year.
The deal includes a construction management contract and a module supply agreement with Solar Frontier.
Greenbacker said it is currently in negotiations with an unnamed financial institution to provide a construction loan and term loan facility.
It is also negotiating a tax equity financing arrangement with a “large US-based financial institution”.
Electricity from the facility will be supplied to a “large California utility” under a 20-year fixed-price power purchase agreement, the company added.
Greenbacker chief executive Charles Wheeler said: “Working with Solar Frontier to construct a large-scale solar project in California, as well as two large financial institutions to finance the transaction, is a great investment opportunity for Greenbacker.”
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