Capital Dynamics Buys First Solar California Flats Project

First Solar, Inc. of Tempe, Arizona USA, reported that it had completed the sale of the Monterey County, California 280 Megawatt (MW)AC California Flats Solar Project to global private asset manager Capital Dynamics. Terms of the transaction were not disclosed.

The California Flats Solar Project will produce enough electricity to serve the equivalent needs of approximately 100,000 average homes per year, the equivalent of taking about 22,000 cars off the road.

Georges Antoun, First Solar’s chief commercial officer said,“The California Flats project includes an exciting mix of utility and corporate renewable energy procurement. First Solar’s technology ensures both end user groups will receive reliable, clean, renewable energy.”

The project is located on about 2,900 acres of ranch land within the Jack Ranch, near the San Luis Obispo and Monterey County borders, California. The California Flats solar project is comprised of two phases. First Solar expects that the 130MW first phase will be commissioned in the fourth quarter of 2017. The first phase is fully contracted under a long-term Power Purchase Agreement (PPA). The 150MW second phase that is currently under construction is expected to be commissioned by the end of 2018. And like the first phase, the second phase is also fully contracted under a long-term PPA.

“Our Clean Energy Infrastructure (CEI) team now owns three of the ten largest solar projects in North America and has over 3 GW of projects operating or under construction,” said John Breckenridge, head of Capital Dynamics Clean Energy Infrastructure. “As an investor focused on clean energy projects, we expect to continue to actively grow that portfolio in the immediate future.”