Capital Dynamics buys California Flats solar project

Capital Dynamics has acquired the California Flats solar project in Monterey County, California. The seller was First Solar Inc. No financial terms were disclosed.

PRESS RELEASE

TEMPE, Ariz.–(BUSINESS WIRE)–First Solar, Inc. (Nasdaq: FSLR) today announced it has completed the sale of the 280 Megawatt (MW)AC California Flats Solar Project in Monterey County, Calif., to global private asset manager Capital Dynamics. Terms of the deal were not disclosed.

Located on approximately 2,900 acres of ranch land within the Jack Ranch owned by the Hearst Corporation near the San Luis Obispo and Monterey County borders, California Flats comprises two phases. The 130MW first phase is expected to be commissioned in the fourth quarter of 2017, and is fully contracted under a long-term Power Purchase Agreement (PPA). The 150MW second phase, which is currently under construction, is expected to be commissioned by the end of 2018, and is fully contracted under a long-term PPA.

“We are very excited to have completed another important transaction with First Solar. Our Clean Energy Infrastructure (CEI) team now owns three of the 10 largest solar projects in North America and has over 3 GW of projects operating or under construction,” said John Breckenridge, Head of Capital Dynamics Clean Energy Infrastructure. “As an investor focused on clean energy projects, we expect to continue to actively grow that portfolio in the immediate future.”

”We are proud to continue our support of Capital Dynamics renewable energy strategy,” said Georges Antoun, First Solar’s Chief Commercial Officer. “The California Flats project includes an exciting mix of utility and corporate renewable energy procurement. First Solar’s technology ensures both end user groups will receive reliable, clean renewable energy.”

Earlier this year, Capital Dynamics acquired cash equity in the Moapa Southern Paiute Solar Project in Nevada, which First Solar developed and constructed.

By using renewable energy from the sun, the California Flats Solar Project will generate enough clean solar energy to serve the equivalent needs of about 100,000 average homes per year, displacing more than 109,000 metric tons of carbon dioxide (CO2) annually based on the PG&E grid – the equivalent of taking about 22,000 cars off the road. The project will also displace over 152,000 metric tons of water consumption annually based on the average California grid.

About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. www.firstsolar.com

About Capital Dynamics’ Clean Energy Infrastructure team
Capital Dynamics’ Clean Energy Infrastructure (“CEI”) team holds extensive expertise in investing, financing, owning and operating conventional and clean energy businesses globally. Established to capture attractive investment opportunities in this class of real assets, Capital Dynamics’ CEI mandate is to invest directly in proven clean energy technologies – such as solar, wind, biomass, conventional gas generation and waste gas-fueled power generation – across the globe. Since the establishment of Capital Dynamics’ CEI business, the CEI team has acquired, built and now manages nearly 2,400 MW of clean energy capacity in North America and Europe.