Reznick Capital Markets Securities says it has completed the sale of ImMODO International Corp.'s solar portfolio located in Tulare County, Calif.
The sale was made to an undisclosed institutional investor. Financial details of the sale are not being released.
The 22 MW aggregated solar portfolio includes offtake contracts in place with Southern California Edison and Pacific Gas & Electric under the utilities' respective 20-year feed-in-tariff programs. Construction on the projects, which will span five sites, is expected to start in the second quarter and be completed by the fourth quarter of this year.
ImMODO Energy Services Corp. will act as the engineering, procurement and construction company for the projects and provide operations and maintenance services once they are completed.