Yesterday Solar Frontier Americas Development reported that it has closed on the sale of the Midway 1 solar project to X-Elio, the solar development vehicle of investment firm KKR. The 66 MW-DC project is still under construction in California’s Imperial Valley, and Solar Frontier expects it to go online “in the next months”.
The project two power purchase agreements which span a period of 23 years, and has financed by a division of Spain’s Santander Bank under a hybrid debt and fixed rate note structure.
Solar Frontier Americas Development is a division of Japanese solar manufacturer Solar Frontier, the second-largest thin-film PV maker globally. And while Solar Frontier has long prioritized its domestic market, its Americas development division has been part of an effort to break into the United States.
The company notes that it has now developed and sold six utility-scale solar projects totaling 173 MW-DC, and holds a pipeline of over 550 MW.