Capital Dynamics partners with 8minute on a new solar project
Capital Dynamics’ CEI (Clean Energy Infrastructure) business has reportedly entered into a development partnership with 8minute Solar Energy through procurement and equity financing of the Eland Solar & Storage Center.
For the record, Eland Solar & Storage Center is a Kern County-based 400MWac project which features 300MW/1200 MWh energy storage capacity. It is slated to be one of the biggest storage facilities in the world.
Reportedly, a long-term power purchase agreement (PPA) has been secured to deliver the power needs of LADWP (The Los Angeles Department of Water and Power) which is the biggest municipal utility in the U.S. Initial construction, which has started, will be completed in two phases to start operations in 2022 and will achieve full operational capabilities in the year 2023.
Meanwhile, 8minute will be developing the project in all respects and will supervise its construction. The company also has a right to reacquire a part of the project at commercial operation. Situated 70 miles North of LA close to California City, the project would generate 700 jobs during its one-year construction period.
Benoit Allehaut, MD of Clean Energy Infrastructure team, Capital Dynamics, said that they are pleased to collaborate with 8minute Solar Energy on this project. Once fully operational, the project would be the second largest in the United States.
Adding further, Allehaut said that this would mark as the company’s fourth solar project that would deliver affordable and clean power to LADWP.
As per Dr. Tom Buttgenbach, CEO and President of 8minute, Capital Dynamics bring in immense expertise and substantial financial resources for the construction of the project, which makes the two firms exceptional partners and long-term owners.
With this partnership, 8minute is contributing to meet the future energy needs of Los Angeles with affordable and clean power generated from its cutting-edge solar power plants.
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