Tenaska secures finance for 130MW solar project in US

Tenaska has secured $500m in debt financing to fund the development of a photovoltaic solar generating plant in southern California, US.

A group of nine banks led by the Bank of Tokyo-Mitsubishi UFJ and Union Bank providing the funding for the project.

The other funding partners includes BBVA Compass, DZ Bank, Helaba, Key Bank, Lloyds TSB Bank, Royal Bank of Canada and Santander’s Sovereign Bank.

An affiliate, Tenaska Solar Ventures developed the 946-acre renewable energy project was developed in Imperial County while a second project, Imperial Solar Energy Center West, is being developed in the same area.

On-site construction began in December 2011 at the Imperial Solar Energy Center South project; a total of 130MW of electricity has been sold to San Diego Gas & Electric (SDG&E) under a 25-year agreement.

The plant is expected to meet the power needs of 44,000 California homes at peak demand.

First Solar is the technology provider and the engineering, procurement and construction contractor for the project.

The project will employ First Solar’s advanced thin film photovoltaic modules.

Imperial Solar Energy Center South is expected to go into commercial operation in 2014 and will deliver power through the Sunrise Powerlink transmission line being constructed by SDG&E, reports Bloomberg.