Sumitomo Corp. of Americas is wrapping up the sales process for a solar project in Nevada, PFR has learned.
Whitehall & Co., as the seller's financial adviser, has been soliciting second-round bids for the 50 MW Turquoise Nevada project for several months (PFR, 23/10). The facility is located in Washoe County, next to the 10 MW Turquoise Liberty project that Sumitomo recently sold to Liberty Utilities (PFR, 10/17).
Sumitomo is on the verge of selecting its preferred bidder for Turquoise Nevada and expects to sign and possibly close a deal by the end of the year.
The two Turquoise projects are collectively known as the Turquoise Solar Energy Project and are located at the Reno Technology Park in the Truckee River Canyon, 15 miles east of downtown Reno.
Turquoise Nevada is scheduled to be brought online by the end of 2020 and will serve an Apple data center in nearby Sparks via NV Energy’s green energy rider program.
NV Energy has a 25-year power purchase agreement for the project’s output at a base price of $30.99/MWh, escalating by 2% annually, and will resell the generation to Apple through the rider program.
The Turquoise Solar complex was developed as a joint venture between Sumitomo and Reno-based Estuary Capital Partners.
Officials at Sumitomo and Whitehall either declined to comment or did not respond to inquiries by press time.