Solar Frontier Americas Development, U.S. based solar developer and subsidiary of Solar Frontier has announced that it completed the sale of its solar power project, Midway I to X-ELIO.
X-ELIO became the solar development vehicle of KKR, a multinational investment firm, in 2015. The 66 MWDC solar power plant is located in Imperial County, a few miles northwest of Calipatria, California.
The project has been financed by Santander Global Corporate Banking, a division of Santander Bank and Prudential Capital Group under a hybrid debt and fixed rate notes structure that covers the entire contracted period. Tax equity is being provided by U.S. Bancorp Community Development Corporation, a division of U.S. Bank. Still under construction, the project will commence operations in the next months and will supply renewable energy under two power purchase agreements, during a total period of 23 years.
Charles Pimentel, CEO of Solar Frontier Americas Development said, “Solar Frontier Americas has developed and sold six utility-scale projects totaling 173 MWDC and are continuing to grow our pipeline which currently exceeds 550 MW of solar projects. The addition of such a highly-esteemed, international investor to our customer base is proof that our development capabilities continue to expand and gain recognition. X-ELIO’s world-class team worked collaboratively with us to complete this transaction.”
Jorge Barredo, X-ELIO’s CEO, said, “I am proud of the successful outcome of months of work on this project. We have partnered with Solar Frontier’s expert team since May, and worked hard in creating an extremely competitive capital structure. We are now ready to deploy capital at any stage of the project lifecycle, from development to operation and we rely on a growing team of highly experienced people to develop our pipeline, forge partnerships with other development companies, and become a major player also in the United States.”