LS Power Completes Financing of Centinela Solar Energy
NEW YORK, Sept. 18, 2012 /PRNewswire/ — LS Power announced today that it had completed financing and authorized construction of the Centinela Solar Energy Project, a 170 megawatt (AC) photovoltaic solar farm, near El Centro, California. The Centinela Solar Energy Project, to be constructed on more than 1,600 acres of land, will utilize solar photovoltaic technology to directly convert sunlight to electricity. The Project, to be operational in 2014, will sell its entire output to San Diego Gas & Electric pursuant to long-term power sales agreements. Fluor Corporation has been engaged to engineer, procure, and construct the Project and will provide operation and maintenance services. The financing was structured with two tranches – combining a long term institutional financing led by Prudential Capital Group with a shorter term bank financing led by Sovereign Bank, N.A. (Coordinating Bank and Joint Lead Arranger) and four other Joint Lead Arrangers: Union Bank, N.A., Rabobank Nederland, Canadian Imperial Bank of Commerce, and NordLB. “We are pleased to have completed the development and commenced construction of this important solar project,” said John King, executive vice president of LS Power. “This project will bring many benefits to the State of California and Imperial County, including construction and operations jobs with local business opportunities and longer-term revenues. Renewable energy deliveries over the recently energized Sunrise Powerlink will assist SDG&E and the State of California in reaching their renewable energy goals.”
About LS Power
LS Power is a power generation and transmission group with a proven track record of successful development activities, operations management and commercial execution. LS Power has been involved in the development, construction, or operations of over 25,000 MW of power generation throughout the United States. LS Power is actively developing both power generation and transmission infrastructure to serve the need for new generation and improve the aging transmission system. For more information, visit www.LSPower.com.
SOURCE LS Power