Loader
 

LS Power Completes Financing of Arlington Valley Solar Energy II

LS Power Completes Financing of Arlington Valley Solar Energy II

February 29, 2012

LS Power announced today that it had completed financing and authorized construction of the $550 million Arlington Valley Solar Energy II Project (“AV Solar”), a 127 megawatt (AC) photovoltaic solar farm, near Arlington, Arizona. The AV Solar Project, to be constructed on more than 1,100 acres of land, will directly convert sunlight to electricity. The Project, to be operational in 2013, will sell its entire output to San Diego Gas & Electric pursuant to a long-term power sales agreement. Fluor Corporation has been engaged to engineer, procure, and construct the Project and will provide operation and maintenance services. The financing was structured with two tranches – combining a long term institutional financing led by Prudential Capital Group with a shorter term bank financing led by Banco Santander S.A. GE Energy Financial Services is participating in AV Solar as an equity partner.

“We are pleased to have completed the development and commenced construction of this important solar project” said John King, executive vice president of LS Power. “This project will bring many benefits to the State of Arizona and Maricopa County, including construction and operations jobs with local business opportunities and longer-term benefits from tax revenues. Renewable energy deliveries will assist SDG&E and the State of California in reaching their renewable energy goals”

Media Contact
John T. King, Executive Vice President
5000 Hopyard Road, Suite 480
Pleasanton, CA 94588
925 201 5239
jking@lspower.com

About LS Power:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired over 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Through LS Power Grid, the firm has built and operates approximately 680 miles of high-voltage transmission and has another 200+ miles and multiple grid infrastructure projects currently under construction or development. Across its efforts, LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $53 billion in debt and equity capital to support North American infrastructure.