Asset manager Capital Dynamics has signed a long-term Power Purchase Agreement (PPA) through its Clean Energy Infrastructure business with the Indiana Municipal Power Agency (IMPA) for 100MW of solar generated electricity.
The deal, which is in coordination with Tenaska, is for the power generated by a CEI-owned greenfield solar project on 484 hectares in Indiana.
The unnamed facility is one of 14 projects that Capital Dynamics acquired from Tenaska in November 2018.
Tenaska continues to oversee pre-construction of the project, which is currently at the development stage.
Construction is expected to finish and the facility reach commercial operations in the second half of 2022.
Capital Dynamics Clean Energy Infrastructure team managing director Benoit Allehaut said: “This agreement with IMPA strengthens our presence in the Midcontinent Independent System Operator market and demonstrates our long-term commitment to helping the region reach its renewable power goals.
“Tenaska was a crucial partner in finalising the agreement and brought significant expertise through all elements of development phase.
“Together, this project is a part of our larger goal to foster the development of a solar-dominant culture throughout the Midwest.”
Tenaska Solar Ventures senior vice president Steve Johnson said: “We are excited to see Tenaska’s relationship with Capital Dynamics yield strong results with the signing of this PPA.
“This was our intent when we started doing business together. We are eager to finish development of this project in Indiana and bring it to construction.”
IMPA president and chief executive Raj Rao said: “We are honoured to collaborate with Capital Dynamics and Tenaska on this project.
“We are confident the solar project will meet the long-term power needs of our members and their customers, and we’re grateful for their contribution to making it happen.”