SoCal Solar Project Adds Capital Dynamics as Equity Partner
- Jan 28, 2020
Clean Energy Infrastructure, a subsidiary of Capital Dynamics, has entered into a development partnership with 8minute Solar Energy. The collaboration stemmed from the equity financing and acquisition of Eland Solar and Storage Center, a 400-megawatt facility paired with a 300-megawatt/1,200 megawatt-hours storage center located in Kern County, Calif. The project’s storage capacity makes it one of the largest in the world and the second-largest in the U.S. The largest solar-powered battery is currently underway in Manatee County, Fla.
The Los Angeles Department of Water and Power has secured a long-term power purchase agreement for the energy produced at the solar farm that will generate enough clean electricity to power more than 283,000 homes across Los Angeles. Moreover, this solar project, which is located 70 miles north of Los Angeles on 2,650 acres of desert land, marks the fourth collaboration between LADWP and Capital Dynamics. Eland Solar and Storage Center is the third hybrid solar plus storage plant in Capital Dynamics’ fleet.
Powering progress at an affordable price
The project proposal was finalized in November and has a fixed cost of less than 2 cents per kilowatt-hours, the lowest solar energy price on record in the U.S. As part of Mayor Garcetti’s New Deal, the Eland Solar and Storage Center will help Los Angeles reach 55 percent renewable energy by 2025, 80 percent by 2036 and 100 percent renewable energy by 2045. Currently, LADWP receives 32 percent of its energy from renewable sources and Eland Solar will increase that number by 7.1 percent.
Eland Solar and Storage Center is expected to create 700 jobs during a 12-month construction period. Construction is already underway and will unfold in two phases—the facility is anticipated to begin operations in 2022 and reach full operational capabilities in 2023. 8minute handles development and will oversee construction. In addition, once the project reaches the commercial operation phase, it has a right to re-purchase a portion. At that time, 8minute will become the largest provider of clean energy to Los Angeles, supplying with clean energy more than one million people throughout the region.