U.S.-based SunPower designed and is carrying out construction on the plant, which is scheduled to begin commercial operations this September. The company will then provide operations and maintenance services. The generated power will be sold to the Modesto Irrigation District (MID) under a 25-year power purchase agreement.
Up to 144 jobs will be created, said SunPower in a statement released, and around US18.7 million injected into the local economy during the construction period.
To finance its acquisition, K Road is said to have arranged non-recourse construction and term project financing with a syndicate of three institutions: Union Bank, N.A. (Administrative Agent), Rabobank and CIT Energy acted as Joint Lead Arrangers.
SunPower is installing its Oasis Power Plant product at the site. Each fully integrated power block integrates a tracker with solar panels, pre-manufactured system cabling, an inverter, and an operating system. Wireless control of the plant is also possible via the companys Tracker Monitoring and Control System (TMAC).
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