Capital Dynamics has sealed debt and tax equity for a 90 MW solar project it acquired last year.
The debt for the Springbok 3 facility in Kern County, Calif., is coming from Barings in the form of long-term, fixed-rate notes, while Wells Fargo is providing the tax equity.
The tax equity deal closed on April 9, according to paperwork filed with the U.S. Federal Energy Regulatory Commission on April 26.
Details such as the sizes of the investments could not be established by press time. Benoit Allehaut, managing director at CapDyn, declined to comment while Wells Fargo’s power and infrastructure head Frank Muscara and Barings’ director of infrastructure debt Jennie Rose did not respond to inquiries.
The Springbok 3 project, which includes a 1.5 MW battery system, is due to commence operations in June and will sell its output to Southern California Public Power Authority under a 27-year contract, which has a three-year extension option.
8minutenergy Renewables developed the project and agreed to sell it to CapDyn last year (PFR, 8/14/18), shortly after CapDyn’s landmark acquisition of yield company 8point3 Energy Partners, which was financed in part with a commitment from Barings (PFR, 7/3/18).