Invenergy Announces Close of Financing, Start of Operation Of Desert Green Solar Farm in California

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Dec 08, 2014, 11:30 ET

CHICAGO, Dec. 8, 2014 /PRNewswire/ -- Today, Invenergy Clean Power LLC ("Invenergy") announced the successful close of financing and the start of commercial operation of its Desert Green Solar Farm ("Desert Green") in Borrego Springs, California.

Desert Green is a 6.3 MW AC facility located in San Diego County, approximately 90 miles northeast of the city of San Diego. Output is sold to San Diego Gas & Electric ("SDG&E") under a long-term power sale agreement. Financing was provided by PNC Energy Capital, LLC, a subsidiary of PNC Bank, N.A.

Invenergy originally acquired Desert Green from Soitec Solar Development, LLC. The facility features more than 3,500 Soitec concentrator photovoltaic (CPV) modules, which were manufactured at Soitec's San Diego factory.

"Invenergy is pleased to have concluded this financing with PNC, and we look forward to expanding our relationship with PNC to include future solar opportunities," said Jim Murphy, Invenergy's Chief Financial Officer and Chief Operating Officer. "We're also delighted to complete construction of our first power generation facility in California, and to have expanded our solar portfolio to include Soitec's high-efficiency CPV technology."

"Invenergy completing construction of its Desert Green Solar Farm and securing project financing from a premier capital provider to the renewable energy industry demonstrates the bankability of Soitec's CPV technology," said Andre-Jacques Auberton-Herve, Soitec's Chief Executive Officer.

Construction on Desert Green began in April of this year. Blattner Energy Inc. served as the general contractor and Westwood Professional Services performed engineering duties.

About Invenergy

Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in North America and Europe. Invenergy is committed to continued innovation in clean power solutions. Invenergy's home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan, and Europe.

Invenergy and its affiliated companies have developed more than 8,700 MW of projects that are in operation, in construction, or under contract, including 72 wind, solar, and natural gas-fueled power generation projects and energy storage facilities. For more information, please visit www.invenergyllc.com.

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SOURCE Invenergy