Capital Dynamics and 8minute Solar Energy have partnered through equity financing and acquisition of the 400 MW Eland Solar & Storage Center in California.
Capital Dynamics, an independent global private asset management firm has announced that its Clean Energy Infrastructure (CEI) business has entered into a development partnership with 8minute Solar Energy through the equity financing and acquisition of the Eland Solar & Storage Center, a 400 MW solar and storage center project located in Kern County, California.
The project features a 300MW/1200 MWh energy storage facility, making it one of the largest in the world and the record low-cost for this type of facility.
Benoit Allehaut, managing director of Capital Dynamics‘ Clean Energy Infrastructure team, added, “We are delighted to partner with 8minute Solar Energy on Eland. Once operational, the solar project will be the second largest in the US. This is our fourth solar project delivering clean and affordable power to LADWP. “Eland will also be the third hybrid solar plus storage plant in our portfolio, and we are very happy we will have 8minute Solar Energy as a long-term equity partner. Tom runs the uncontested leading solar developer in the country, and it is a privilege to work together on this project.”
A long-term PPA has been secured to serve the power needs of The Los Angeles Department of Water and Power (LADWP), which is the largest municipal utility in the United States. Initial construction, which has commenced, will proceed in two phases with the goal of starting operations in 2022 and will reach full operational capabilities in 2023. 8minute will continue to develop the project in all respects and will also oversee construction and also has a right to re-purchase a portion of the project at commercial operation.
“Capital Dynamics brings tremendous expertise and significant financial resources for construction to the table, which makes them excellent long-term owners and partners,” said Dr. Tom Buttgenbach, President and CEO of 8minute.
“Eland is a breakthrough project, setting records for low-cost solar, and incorporates a large battery energy storage center that demonstrates solar’s ability to power California’s vibrant and growing economy 24/7. We look forward to this partnership in order to meet the future energy needs of the city of LA with clean and affordable power from our new generation solar power plants. We are excited to build on our strong relationship with Capital Dynamics and their shared vision for the Eland Project.”