California (PRWEB) June 13, 2014
8minutenergy Renewables, LLC and Macquarie Capital today announced the closing of up to $30 million in financing to build the 90MW Redwood Solar Farm located in Kern County, Calif. The transaction was conducted with 61LK 8ME, LLC, a subsidiary of Calif.-based 8minutenergy Renewables – the nation's leading independent solar PV developer – and Macquarie Capital, the corporate advisory and capital markets arm of global financial services provider Macquarie Group, which has assets of $396 billion under management. The Redwood Solar Farm project has signed Power Purchase Agreements (PPA) with Pacific Gas and Electric Company (PG&E), Southern California Edison (SCE) and the City of Palo Alto, Calif.
8minutenergy has 400MW in PPAs and over 20 projects totaling 1,000MW under development. The Redwood Solar Farm is sited on 640 acres of low-productivity farmland. Construction is projected to begin in late 2014, with the site expected to be operational and delivering clean, renewable solar energy to 43,000 households by mid-2015.
"Partnering with Macquarie Capital is a major milestone for 8minutenergy because one of the world's leading global financing firms has vetted and invested in one of our projects," said Martin Hermann, chief executive officer of 8minutenergy Renewables. "Redwood Solar Farm is another important milestone in our company strategy to build up a significant portfolio of solar PV plants. It’s one in a number of projects that we plan to get online before the ITC expires."
"We are delighted to partner with 8minutenergy Renewables – one of the leading developers of solar photovoltaic projects in the United States – on this development financing transaction," said Michael Allison, Managing Director at Macquarie Capital. “The investment in Redwood Solar Farm demonstrates our continued commitment to developing high-quality renewables projects, and partnering with leading developers on initiatives that help stimulate jobs and fuel local economies.”
"This investment by Macquarie Capital demonstrates the quality of 8minutenergy's projects," said Tom Buttgenbach, president of 8minutenergy Renewables. "We are excited to build the Redwood Solar Farm with Macquarie Capital, and look forward to working with them to successfully conclude other 8minutenergy projects as well. This project will create 225 direct and 450 indirect jobs in Kern County during construction, and contribute to the local economy."
About Macquarie Group
Macquarie Group is a global provider of banking, financial, advisory, investment and funds management services. Macquarie Capital comprises Macquarie Group's corporate advisory, equity, debt and private capital markets businesses, and undertakes principal investing. Macquarie Capital provides advisory and capital raising services to corporate and government clients involved in public mergers and acquisitions, private treaty acquisitions and divestments, debt and equity fund raising and corporate restructuring. It also undertakes principal investing activities globally in support of its client activities. Founded in 1969, Macquarie Group now employs more than 13,900 people in 28 countries. As of March 31, 2014, Macquarie Group had assets under management of US$396 billion. For more information, please visit http://www.macquarie.com.
About 8minutenergy Renewables, LLC
8minutenergy develops, finances, engineers, constructs, holds, operates and maintains solar projects. To date, 8minutenergy has closed over $1 billion in solar Power Purchase Agreements; been awarded 400MW in PPAs; secured close to 1,000MW in General Interconnection Agreements (GIA); obtained Conditional Use Permits (CUP) for 8,500 acres; and has 15,000 acres under contract. Most recently, 8minutenergy successfully concluded the development of a 260MW solar plant in Imperial Valley, Calif. - Mount Signal Solar - which is now under construction. It represents the first of three phases of an approximately 800MW-dc (600MW-ac) planned solar PV power project - currently the largest in the world.
8minutenergy's proprietary transmission, land and economic analysis process and tools helps select optimal power plant sites for accelerated permitting with counties and utilities. All 8minutenergy solar projects are located on disturbed, low-value farm land. 8minutenergy strives to ensure that its solar power projects provide low cost, clean renewable energy from the sun with low environmental impacts, particularly when compared with public lands projects on pristine desert wildlands. 8minutenergy has offices in Folsom, Los Angeles, San Francisco, San Diego and El Centro, California. For more information, please call (916) 608-9060, send email to info(at)8minutenergy(dot)com or visit http://www.8minutenergy.com.