8minute Solar Power’s 67-MW Lotus Solar Farm is now absolutely operational
8minute Solar Energy announced that the 67-megawatt Lotus solar farm in Madera County, California is now fully operational. Lotus Solar Farm produces energy for more than 12,000 Southern California homes under a 20-year power purchase agreement with Edison in Southern California and will reduce CO2 emissions by more than 48,000 tons each year.
“California is a world leader in solar energy – but as the past few weeks have shown, it is also at the epicenter of the effects of climate change,” said Dr. Tom Buttgenbach, founder and CEO of 8minute. “Smoky red skies prove we have no time to waste, and as the state’s largest solar developer, we know we need to lead the way to clearer days. The Lotus Solar Farm is another 8 minute project that shows how solar is a win-win solution: tackling climate change and air pollution while creating value for investors and landowners. We look forward to continuing to operate a resilient solar industry in California and beyond, and to working with investment partners like Allianz Global Investors and others in the international investing community to accelerate the global clean energy transition. “
The 375-acre project was strategically located on former pasture land and created 300 top unions in Madera County during construction. 8minute devoted itself to the development on the green field, acquired the property and approved the Lotus Solar Farm, received the interconnection contract, secured the power purchase agreement and managed the construction up to commercial operation.
Allianz Global Investors, one of the world’s leading active asset managers, acquired the project from 8 minutes at the end of last year and thus made the first purchase of a US solar project by the AllianzGI Infrastructure Equity team.
“We are incredibly proud that our first investment in the US renewable energy landscape was completed in California. The Lotus solar park is not only a smart financial investment, it also highlights the environmental and social opportunities that the clean energy transition offers in the country, ”said Armin Sandhoevel, Chief Investment Officer for Infrastructure Equity at Allianz Global Investors. “Since demand tends rightly towards renewable energies in a changing weather climate, we look forward to further strategic cooperation with 8minute – a company that is committed to making a clean energy future a reality with every well-executed project.”
8minute and AllianzGI have worked together to secure the tax participation of the independent power producer and developer Tenaska.
With the participation of Siemens and Commerzbank, 8minute and AllianzGI secured additional funds amounting to USD 140 million for building loan packages, letters of credit and term loans from CIT and NORD / LB. Signal Energy provided the engineering, procurement and construction services for Lotus, while the main suppliers included NEXTracker with its intelligent NX Horizon ™ solar tracker and TMEIC with 14 of its Ninja 4200 central inverters.