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Acciona Energy Closes Long-Term Financing On Nevada Solar One
Chicago (SPX) Aug 01, 2007 Acciona Energy has announced it has closed a $266 million long-term project financing for Nevada Solar One, its 64-megawatt Concentrated Solar Power (CSP) plant, the largest solar power plant built in the world in 16 years. The deal represents the first leveraged lease structured financing for a CSP plant in the United States. The leveraged lease structure was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and CAIXA Geral de Depositos, headquartered in Portugal, and equity investors JPMorgan Capital Corporation, Northern Trust and Wells Fargo. Santander, BBVA and CAIXA were selected by Acciona to be the Mandated Lead Arrangers for the debt financing of the construction and term loan for Nevada Solar One. Capstar Partners and JP Morgan Capital Corporation co-led the equity syndication.
CSP provides peak power when demand increases CSP represents a new large scale renewable power source that provides clean renewable power during peak demand. As the demand for peak power increases in the Southwest U.S. by three times the normal demand, solar thermal provides a utility-scale solution with no CO(2) emissions. Solar thermal closely tracks the power use, providing peak power when the demand for air conditioning is at its greatest. The transaction also marks Acciona's commitment to advancing renewable energy solutions in the North American market. Acciona Energy is one of the world's leading providers of renewable energy solutions and belongs to Acciona S.A., a group with operations in more than 35 countries on five continents.
First deal of its kind for a CSP plant in the U.S. "We are very pleased to have completed the financing of our first CSP project in the U.S. with this new financing structure to the renewables sector," said Susan Nickey, CFO, Acciona Energy North America. "This transaction particularly emphasizes the impact that favorable clean energy policies can have on accelerating the adoption of renewable energy technologies." "CSP is one of the most exciting new renewable technologies to be commercialized and we see significant demand for this renewable solution," said Peter C. Duprey, CEO, Acciona Energy North America. "We look forward to helping build a clean energy infrastructure in this country with projects like Nevada Solar One for years to come." All of the plant's electricity production is being sold to Nevada Power Company and Sierra Pacific Power Company under long-term power purchase agreements (PPAs). The PPAs will ensure fixed costs for the electricity, making solar power an economically feasible energy alternative over time. Acciona's official dedication ceremony for the Nevada Solar One plant is expected to occur in fall 2007. Concurrently, the company is helping to develop several additional solar plants in Spain while formulating plans for additional plants in the U.S. Acciona Energy is the largest wind developer in the world with a portfolio of 4,690 megawatts installed in 175 wind farms in 10 countries (3,465 owned by the company). In solar energy, Acciona's Nevada Solar One project represents the largest solar thermal electric power plant (64 MW) built in the world in the last 16 years. Community Email This Article Comment On This Article Related Links Acciona Energy All About Solar Energy at SolarDaily.com
SolarCity Expands To New Markets Across California
Foster City CA (SPX) Aug 01, 2007SolarCity, ranked by the California Energy Commission as the fastest growing solar installation company in California, has scaled to accommodate its rapid growth with the opening of a new headquarters building in Foster City, CA while expanding its reach throughout the state with new offices in four major metropolitan centers. |
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