LS Power has completed financing and authorized construction of the $550 million Arlington Valley Solar Energy II (AV Solar) project, a 127 MW PV facility to be located near Arlington, Ariz.
The AV Solar project, which will be constructed on more than 1,100 acres of land, is expected to be operational in 2013. All of the output will be sold to San Diego Gas & Electric pursuant to a long-term power sales agreement.
Fluor Corp. has been engaged to engineer, procure and construct the project and will provide operation and maintenance services. The financing was structured with two tranches combining a long-term institutional financing led by Prudential Capital Group with a shorter-term bank financing led by Banco Santander SA. GE Energy Financial Services is participating in AV Solar as an equity partner.