Sunpin Solar LLC, a California-based solar energy company, has signed a power purchase agreement (PPA) for the Titan Solar 1 Power Plant.
The project has a 12-year PPA with Exelon Generation Co. LLC, a company that supplies retail customers in California through its affiliate Constellation NewEnergy Inc. In addition, Sunpin announced that Morgan Stanley Capital Group is providing an eight-year financial hedge.
“Working with our strong financial partners Sunpin has again succeeded in securing safe and predictable long-term earnings and congratulates our long-term partners for believing in the company’s long-term solar strategy,” says Kelly Lloyd, CFO of Sunpin. “In the last 18 months Sunpin attained over $100 million from tax equity investors and later in 2021 Sunpin will be seeking tax equity investments for over 500 MW of PV/BESS projects with COD’s in 2022 and 2023.”
The project began construction in January 2020 and reached completion and commercial operation in December 2020. The 98 MW DC/70 MW AC site is located in Imperial County, Calif., on a 420-acre parcel. The single-axis tracking system has an expected annual production of 215,000 MWh.