US 300MW solar project secures financing
- $ 70m bridge loan from Voya for Arroyo site in New Mexico
Centaurus Renewable Energy, the programmer of the Arroyo Solar & Storage Project in McKinley County, New Mexico, has actually closed a $70m (EUR59m) construction bridge loan facility given by Voya Investment Management.
The credit rating center will certainly be made use of to make payments for project devices and also for various other development as well as construction expenditures.
The purchase was arranged by Voya Investment Management's direct facilities team led by Tom Emmons as well as Ed Levin.
The Arroyo Solar & Storage Project is a 300MW-AC solar generation facility and a150MW/600MWh battery power storage system.
Solar power and battery storage solutions are dedicated under a 20-year PPA as well as energy storage contract to Public Service Firm of New Mexico.
The project is anticipated to partially change the power from the 847MW San Juan Generating Station, New Mexico's biggest coal-fired plant, which is set up to stop procedures in 2022.
Houston-based Centaurus Renewable Energy, was founded in 2013 and also has actually developed roughly 20 solar projects totalling over 1.3GW-DC across seven states.