Tenaska Inc., an independent power company, received $500 million in debt financing for a solar farm in southern California.
The Bank of Tokyo-Mitsubishi UFJ Ltd. led a group of nine banks providing the funding, Omaha, Nebraska-based Tenaska said today in a statement.
Jana Martin, a Tenaksa spokeswoman, disclosed the amount of the funding in a phone interview today and wouldn’t give the total price of the project.
First Solar Inc. (FSLR:US) is providing the panels and began construction in December on the 130-megawatt Imperial Solar Energy Center South project in Imperial County. It’s expected to begin producing power in 2014 and Sempra Energy’s San Diego Gas & Electric utility will buy the electricity under a 25-year contract.
The other lenders are Union Bank NA, BBVA Compass Bancshares Inc., DZ Bank AG, KeyBank NA, Lloyds TSB Bank Plc, Royal Bank of Canada, Banco Santander SA (SAN)’s Sovereign Bank and Helaba Landesbank Hessen-Thuringen.
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