The North American Development Bank (NADB) says it has signed a $77.4 million loan agreement with Imperial Valley Solar Co. 1 LLC for the construction of a 23 MW solar energy generation plant in Niland, Calif.
The project will involve the installation of fixed-tilt polycrystalline silicon photovoltaic modules on a 123-acre lot located within the Imperial Irrigation District (IID). The project was certified by NADB's sister institution, the Border Environment Cooperation Commission, on June 6.
IID will purchase 20 MW of the energy generated by the solar park. The district currently serves roughly 146,000 electricity customers in Imperial County and parts of Riverside and San Diego counties. Last year, IID reached its highest peak demand of 1,104 MW, and this solar project has the potential of providing approximately 1.2% of IID's total energy requirements, according to the companies.