U.S. solar company SunEdison has this week completed the construction of a 24 MW solar plant in the Californian Desert.
Local utility company San Diego Gas & Electric (SDG&E) has signed a 20-year power purchase agreement (PPA) for the plant's solar energy, with Wells Fargo & Company (WFC) providing the tax equity financing for the project.
The three companies' collaborative efforts were made possible under the California Renewable Auction Mechanism (RAM) a program that is designed to ensure ratepayers enjoy lower energy costs via the process of a reverse auction and standard contracts.
The 24 MW Cascade PV plant is the largest project so far to come online through the RAM program, covering 150 acres and comprising more than 75,000 SunEdison SilvantisTM Monocrystalline Solar PV Modules mounted to SunEdison AP90 Single Axis Trackers.
"It's an honor to bring the largest solar power plant interconnected through the California RAM program online," said SunEdison North America president, Bob Powell. "It supports our focus on growth and the growth of the solar industry in California. We are fortunate to work with Wells Fargo, a committed finance partner, which shares our vision for increasing the availability of renewable energy. Their support is vital to completing projects like this one."
Since 2007, Wells Fargo has provided financial support for more than 200 solar generation projects with SunEdison, and more than 300 projects in total over that period an investment of more than $1.3 billion in tax equity.
"As one of the leading capital providers to the renewable energy and cleantech industries, Wells Fargo was excited to provide tax equity for the Cascade plant," added Wells Fargo's head of environmental finance, Barry Neal. "We continue to build upon our longstanding relationship with SunEdison and expand our commitment to the U.S. solar market."
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