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8minutenergy closes financing for Redwood 4 solar farm project

CTBR Staff Writer Published 13 September 2017

Independent solar developer 8minutenergy has secured debt and tax equity financing for its 26MW Redwood 4 Solar Farm in California.

The company has started the construction of the project and is anticipated to be finished by the end of this year. The project development and construction is generating more than 200 jobs in Kern County.

It is the fourth project in the combined 100MW Redwood solar cluster located near Bakersfield for 8minutenergy.

The other three projects in the Redwood solar cluster of 8minutenergy which are currently owned by sPower have been operational since last quarter of 2015.

With the completion of the Redwood 4 Solar Farm, the the Redwood solar cluster is estimated to produce an annual capacity of approximately 200kWh of electricity, which will be sufficient to supply power for more than 20,000 homes.

The solar cluster is expected to reduce carbon emissions by more than 140,000 metric tons every year.

As per the deal, Zions Bancorporation will provide the project’s construction debt and bridge loan and US Bancorp is supporting the project with tax equity investment.

Pacific Gas and Electric Company has signed an agreement to buy clean energy produced by Redwood 4.

8minutenergy president and co-founder Tom Buttgenbach said: “8minutenergy led the entire greenfield development and financing process for Redwood 4, and will now manage construction and operations as the long-term owner, all of which demonstrate our ability to deliver high-quality solar assets from inception to operation."