First Solar sells California Flats project to Capital Dynamics

First Solar Inc of Tempe, AZ, USA – which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – has completed the sale of the 280MWAC California Flats Solar Project in Monterey County, California, to global private asset manager Capital Dynamics.

Located on about 2900 acres of ranch land within the Jack Ranch owned by the Hearst Corporation near the San Luis Obispo and Monterey County borders, California Flats comprises two phases. The 130MW first phase is expected to be commissioned in fourth-quarter 2017, and is fully contracted under a long-term power purchase agreement (PPA). The 150MW second phase (currently under construction) is expected to be commissioned by the end of 2018, and is fully contracted under a long-term PPA.

“Our Clean Energy Infrastructure (CEI) team now owns three of the 10 largest solar projects in North America and has over 3GW of projects operating or under construction,” says John Breckenridge, head of Capital Dynamics Clean Energy Infrastructure. “As an investor focused on clean energy projects, we expect to continue to actively grow that portfolio in the immediate future,” he adds.

“The California Flats project includes an exciting mix of utility and corporate renewable energy procurement,” comments First Solar’s chief commercial officer Georges Antoun.

Earlier this year, Capital Dynamics acquired cash equity in the Moapa Southern Paiute Solar Project in Nevada, which First Solar developed and constructed.

The California Flats Solar Project will generate enough energy to serve the needs of about 100,000 average homes per year, displacing more than 109,000 metric tons of carbon dioxide (CO2) annually based on the PG&E grid (equivalent to taking about 22,000 cars off the road). The project will also displace over 152,000 metric tons of water consumption annually based on the average California grid.