First Solar announced that Goldman Sachs Renewable Power LLC (GSRP), a private company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM), acquired the 123-megawatt (MW)AC American Kings Solar project in a transaction that closed at the end of June 2020.
Located in Kings County, California, the project is backed by a 15-year Power Purchase Agreement (PPA) with Southern California Edison and is scheduled to be commissioned in the fourth quarter of 2020.
The facility will be powered by First Solar’s Series 6 modules.
“Partnering with GSRP on its acquisition of the American Kings solar project represents M&T’s ongoing commitment to the renewable energy sector,” said Eric Heintz, director of Energy Finance at M&T Bank, which will provide the tax equity financing for the project. “GSRP is a strong team well positioned to move the American Kings initiative forward and bring us all closer to our shared goal of a clean energy future.”
Once operational, American Kings will displace 78,000 metric tons of CO2-equivalent annually, which is equivalent to taking 15,000 cars off the road every year and saving 79 million liters of water annually, based on California averages, said First Solar. The air quality benefits of the project will amount to more than $12 million in avoided healthcare costs annually, according to the companies.