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8minutenergy Developing Springbok 2 Solar Farm

Monday, Dec 21 2015

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 8minutenergy Renewables, LLC and an affiliate of D. E. Shaw Renewable Investments, L.L.C. (DESRI) announced the completion of permitting, financial closing and start of construction of the 191 megawatts-dc (150 MW-ac) Springbok 2 Solar Farm, located 70 miles north of Los Angeles in Kern County, California. 8minutenergy recently announced that it had signed a power purchase agreement (PPA) for the Springbok 2 Solar Farm with the Southern California Public Power Authority (SCPPA), on behalf of its participating member, the Los Angeles Department of Water and Power (LADWP). DESRI invested the majority of the equity in the project and arranged senior debt financing from a syndicate of lenders led by Santander Bank, N.A., which also included CIT Bank, NA, KeyBank, N.A., HSBC Bank, CoBank, ACB, Siemens Financial Services, and Citi. In addition, DESRI arranged a commitment for tax equity financing from State Street Bank & Trust Company and Citi. Combined with the 137 MW-dc (105 MW-ac) Springbok 1 Solar Farm that DESRI and 8minutenergy began constructing in July, the two new solar facilities are expected to generate enough clean, renewable energy to serve over 110,300 Los Angeles households. The amount of greenhouse gas emissions avoided will be comparable to removing 71,400 cars from the road.