First Solar completed the sale of the cash equity interests in the 250 MW AC Moapa Southern Paiute Solar Project in Nevada to global private asset manager Capital Dynamics. Terms of the deal were not disclosed.
You may recall that this was one of our Projects of the Year for 2016.
Minority tax equity interests in the project are shared by GE unit GE Energy Financial Services, and an affiliate of the Goldman Sachs Group.
Located on the Moapa River Indian Reservation approximately 30 miles north of Las Vegas, this facility is the first-ever utility-scale solar power plant to be built on tribal land, and has a long-term power purchase agreement (PPA) with LADWP to bring clean, renewable energy to Los Angeles residents. The solar power plant is capable of generating enough clean energy to power approximately 111,000 homes.
First Solar Energy Services will operate and maintain the power plant for Capital Dynamics.
By using renewable energy from the sun, the Moapa Southern Paiute Solar Project will avoid approximately 341,000 metric tons per year of carbon dioxide emissions that would have been produced if the electricity had been generated using fossil fuels – the equivalent of taking nearly 73,000 cars off the road. First Solar’s technology creates no air or water pollution and uses no water to generate electricity.