Scatec Solar Closes $157M Financing from Google, Prudential Capital
Scatec Solar has entered into financing agreements worth $157 million for construction of a 104 MW Red Hills solar power plant in Utah. Google is providing tax equity and Prudential Capital Group is providing debt financing.
Scatec Solar is providing sponsor equity worth $31 million for the total plant investment of $188 million. The power plant will be wholly-owned by a partnership jointly owned by Google and Scatec Solar, which structured and executed the financing for the project. Scatec Solar will manage and operate the plant when it goes into operation.
This agreement represents the 18th renewable energy investment project for Google, which has signed agreements to fund over $1.5 billion in renewable energy investments across three continents with a total planned capacity of more than 2.5 GW.
The Utah Red Hills Renewable Energy Park will generate around 210 million kWh per year, which will be fed into the grid under a twenty-year Power Purchase Agreement (PPA) with PacifiCorp’s Rocky Mountain Power, according to the utility’s obligation under the federal Public Utility Regulatory Policies Act. When operational by the end of 2015, the plant will be Utah’s largest solar energy generation facility.
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