Capital Dynamics, an independent global private asset management firm, says its Clean Energy Infrastructure (CEI) business has entered into a development partnership with 8minute Solar Energy through the equity financing and acquisition of the Eland Solar & Storage Center, a 400 MW AC solar+storage center project located in Kern County, Calif.
The project features a 300 MW/1,200 MWh energy storage facility, making it one of the largest in the world and the record low-cost for this type of facility. The Eland Solar & Storage Center is located 70 miles north of Los Angeles close to California City. The project is expected to create 700 jobs during a 12-month construction period.
Financial details of the transaction were not disclosed.
A long-term PPA has been secured to serve the power needs of The Los Angeles Department of Water and Power (LADWP), which is the largest municipal utility in the U.S. Initial construction will proceed in two phases, with the goal of starting operations in 2022 and full operational capabilities in 2023. 8minute will continue to develop the project in all respects and will also oversee construction. 8minute also has a right to repurchase a portion of the project at commercial operation.
“We are delighted to partner with 8minute Solar Energy on Eland. Once operational, the solar project will be the second largest in the U.S. This is our fourth solar project delivering clean and affordable power to LADWP,” says Benoit Allehaut, managing director of CEI. “Eland will also be the third hybrid solar+storage plant in our portfolio, and we are very happy we will have 8minute Solar Energy as a long-term equity partner.”
Photo: A representation of the Eland Solar & Storage Center