8minute Inks Pact with MBCP, SVCE to Develop 250 MW Solar + Storage Project

Marking its first contract with Community Choice Energy (CCE) providers, 8minute Solar Energy (8minute), a leading independent solar energy and storage projects developer in the US, has executed a power purchase agreement (PPA) with Monterey Bay Community Power Authority (MBCP) and Silicon Valley Clean Energy (SVCE) to set up 250 MW solar plus storage project.

Commenting on the development, Dr. Tom Buttgenbach, President and CEO of 8minute, said that “CCE providers across California are taking proactive and ambitious action on behalf of their communities and are playing a critical role in helping the state reach its aggressive clean energy goals.”

8minute Gets $225 Mn Loan from CIT Consortium for 18 GW Solar + Storage Projects

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Buttgenbach further added that “our first partnership with CCE providers has been a positive experience for 8minute, giving us an opportunity to partner directly with communities to put more affordable, clean energy on the grid. We look forward to continuing to build strong and mutually beneficial partnerships with MBCP, SVCE and other community aggregators as we pioneer a new generation of solar and storage.”

Further, this 250 MW Aratina Solar Center includes 150 MWh of energy storage and will provide enough power for 93,000 homes.

Moreover, the Aratina Solar Center, which is expected to come online before the end of 2023, will offset carbon emissions by approx 4,30,000 metric tons every year. It is equivalent of planting 7 million trees per year or removing 90,000 cars from the road.

Speaking on the partnership, Tom Habashi, Chief Executive Officer of MBCP, said that “securing renewable, reliable, affordable energy to power our community and support our clean energy goals is our top priority, and we have been proud to work with the state’s largest solar developer to ensure that we meet that goal.”

“The Aratina Solar Center, complete with battery storage, will allow us to store and deliver solar power when our customers need it — well into the evening hours — reducing our reliance on carbon-emitting gas plants and moving us ever closer to a decarbonized grid,” said Girish Balachandran, Chief Executive Officer of SVCE.

This marks the company’s 9th project in the county, where it has already developed and placed in operation over 500 MWdc of solar, including the Springbok Solar Cluster and the Redwood Solar Cluster.

Meanwhile, this project is alone expected to generate hundreds of millions in total capital investment, over USD 12 million in local tax revenues, USD 16 million in land payments over the life of the project and 300 direct construction jobs.

Recently, the company has secured a USD 225 million letter of credit (LC) facility from CIT led consortium. The consortium led by CIT as a sole coordinating lead arranger is comprised of 5 banks including KeyBank, HSBC, Rabobank and Nomura Holdings.