News: Photovoltaics
23 July 2020
Goldman Sachs Renewable Power acquires 123MW project from First Solar
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 – says that Goldman Sachs Renewable Power LLC (GSRP), a private company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM), has acquired the 123MWAC American Kings Solar project in a transaction that closed at the end of June.
Located in Kings County, California, the project is backed by a 15-year power purchase agreement (PPA) with Southern California Edison and is scheduled to be commissioned in fourth-quarter 2020.
GSRP partnered with M&T Bank in acquiring the American Kings Solar project. “This is a bankable power plant backed by a long-term PPA, that is responsibly developed, and will generate the lowest carbon electricity possible today,” says Greg Roer, vice president, GSAM Renewable Power Group.
The facility will be powered by First Solar’s Series 6 photovoltaic (PV) modules, designed and developed at its R&D centers in California and Ohio. With a carbon footprint that is up to six times lower than crystalline silicon PV panels manufactured using conventional, energy-intensive production methods, Series 6 delivers what is claimed to be a superior environmental profile and the lowest carbon solar electricity available today.
“This project will support California’s efforts to decarbonize its electricity with technology developed in the state,” says Richard Romero, vice president, project finance & treasury, First Solar.
“Partnering with GSRP on its acquisition of the American Kings solar project represents M&T’s ongoing commitment to the renewable energy sector,” says Eric Heintz, director of Energy Finance at M&T Bank, which will provide the tax equity financing for the project.
Once operational, American Kings will displace 78,000 metric tons of CO2 annually (equivalent to taking 15,000 cars off the road every year and saving 79 million liters of water annually, based on California averages). The air quality benefits of the project will amount to more than $12m in avoided healthcare costs annually, it is reckoned.
