Chicago, Illinois [RenewableEnergyAccess.com] Acciona Energy recently closed a $266 million long-term project financing deal for Nevada Solar One, its 64-megawatt Concentrated Solar Power (CSP) plant, the largest solar power plant built in the world in 16 years. The deal represents the first leveraged lease structured financing for a CSP plant in the U.S.
The leveraged lease structure was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and CAIXA Geral de Depositos, headquartered in Portugal, and equity investors JPMorgan Capital Corporation, Northern Trust and Wells Fargo.
Santander, BBVA and CAIXA were selected by Acciona to be the Mandated Lead Arrangers for the debt financing of the construction and term loan for Nevada Solar One. Capstar Partners and JP Morgan Capital Corporation co-led the equity syndication.
“We are very pleased to have completed the financing of our first CSP project in the U.S. with this new financing structure to the renewables sector,” said Susan Nickey, CFO, Acciona Energy North America. “This transaction particularly emphasizes the impact that favorable clean energy policies can have on accelerating the adoption of renewable energy technologies.”
“CSP is one of the most exciting new renewable technologies to be commercialized and we see significant demand for this renewable solution,” added Peter C. Duprey, CEO, Acciona Energy North America. “We look forward to helping build a clean energy infrastructure in this country with projects like Nevada Solar One for years to come.”
All of the plant’s electricity production is being sold to Nevada Power Company and Sierra Pacific Power Company under long-term power purchase agreements (PPAs). The PPAs will ensure fixed costs for the electricity, making solar power an economically feasible energy alternative over time.
Acciona’s official dedication ceremony for the Nevada Solar One plant is expected to occur in fall 2007. Concurrently, the company is helping to develop several additional solar plants in Spain while formulating plans for additional plants in the U.S.