Spain-based Grupo T-Solar has successfully completed its first photovoltaic solar plant in El Centro, California. The solar plant, located in the municipality of Centro (Imperial Valley, California), occupies 140 acres of land and will produce 55 GWh per year, equal to an energy consumption of more than 12,000 inhabitants. The sale of energy is regulated by a 30-year Power Purchase Agreement (PPA) with the company IID (Imperial Irrigation District).
“USA is one of the target markets for the growth of Grupo T-Solar and a key part of our long term business strategy”, said Marta Martinez, CEO of Grupo T-Solar.
The project in El Centro has an investment of over U.S. $75 million (more than 55 million euros) and has been financed and supported by several international financial institutions including North American Development Bank, as senior lender; Santander Bank NA, a subsidiary of Banco Santander, as Tax Equity Investor; Astris Finance, a financial advisory firm specializing in energy and infrastructure structured finance in the Americas, acted as financial advisor; and CCA Group, a FINRA-registered broker-dealer specializing in renewable energy, acted as advisor for the tax equity component.
“We are very grateful and proud to cooperate with the City of El Centro in a joint effort to preserve and enhance environmental conditions and quality of life for people living in Imperial County”, said Marta Martínez.
The new solar plant is located in an area considered as priority by U.S. and Mexican Governments in its effort to preserve and improve the environmental conditions and the quality of life of the people who live on the border between the two countries.
According to the company strategy in the U.S. market, Grupo T-Solar has just been awarded a MATOC (Multiple Award Task Order Contracts) by the Department of Defense. The program has a budget of $7 Billion with the goal of installing 3,000 MW of renewable energy in the facilities of the U.S. Army until 2025.