Excelsior purchases tax equity interest in 20-MWp solar park in California
- United States renewable energy framework capitalist Excelsior Energy Capital claimed on Monday that it has gotten Class A tax equity interests in a 25-MW DC solar park in California from Santander Financial Institution NA.
The tax equity rate of interests were purchased via Excelsior Renewable Energy Investment Fund I, the flagship fund of the Tennessee-based facilities financier. Japan's Mitsubishi HC Capital Inc and also energy Shikoku Electric Power Business Inc (TYO:9507) will spend alongside the fund to own the El Centro complex.
"This transaction is a way for the Fund to deploy follow-on capital right into existing financial investments while simplifying the capital framework," Excelsior claimed, adding that the offer enables it to redeploy its capital right into brand-new renewable energy projects.
The El Centro photovoltaic (PV) park lies in the city with the same name in California's Imperial County and also has been generating power for over eight years. It operates under a lasting power acquisition agreement (PPA) with an investment-grade public utility.
Excelsior has been a capitalist in the project because 2019 when it acquired Class B cash money equity passions. It likewise obtained plans to accomplish recognized efficiency upgrades.