Panasonic Eco Solutions North America and Coronal Management LLC have acquired 16.2 MW of California Renewable Energy Small Tariff projects from Macquarie Capital.
According to Coronal, the portfolio consists of nine solar projects located in Tulare and Kings Counties in central California and will provide energy to Southern California Edison's grid. Coronal says that Panasonic provided 100% of the initial financing needed for the transaction.
The projects will be built by ImMODO Energy Services Corp. and Panasonic by the middle of 2014, Coronal adds.
Coronal notes that this acquisition brings the total assets jointly developed by the Coronal-Panasonic relationship to over 30 MW.