Coronal-Panasonic Acquires Avalon Solar Project
- Jan 16, 2015
Coronal Group LLC has purchased the 35-megawatt Avalon Solar Project.
While Coronal owns and manages the asset, Panasonic Eco Solutions, a unit of Panasonic Corp., will oversee the operations and management of the project. Sumitomo Mitsui Banking Corp. was the financing provider for the sale.
Jonathan Jaffrey, Coronal’s CEO and managing director, said Avalon is the first solar project fully owned, operated and managed by the Coronal-Panasonic platform. The team provides a full range of services in solar engineering, financing, construction and long-term operations and maintenance. The platform serves commercial end-users, institutions, public sector organizations and small utilities as well.
Located near Tucson, the 225-acre Avalon Solar Project was built by general contractor Swinerton Renewable Energy under the direction of Clenera Renewable Energy and Panasonic including the design, engineering and construction of the project. Also known as Pima Mine Road Solar Generating Facility, the solar farm started producing electricity in December 2014. The power output is being sold to Tucson Electric Power under a 20-year Power Purchase Agreement. The 114,720 solar panels currently installed at Avalon Solar generate enough emission-free solar energy to power 5,620 homes. They are expected to save around 57,600 tons of carbon dioxide from being released into the atmosphere annually, more than the amount 12,000 cars produce.
Photo credits: Citizenmj via Wikimedia Commons