Tokyo – Solar Frontier Americas Development, a leading U.S. solar developer and subsidiary of the world’s largest CIS solar energy solutions provider, Solar Frontier, announced today it completed the sale of its solar power project, Midway I to X-ELIO, a global developer and operator of solar plants headquartered in Spain. X-ELIO became the solar development vehicle of KKR, a multinational investment firm, in 2015. The 66 MWDC solar power plant is located in Imperial County, a few miles northwest of Calipatria, California.
The project has been financed by Santander Global Corporate Banking, a division of Santander Bank and Prudential Capital Group under a hybrid debt and fixed rate notes structure that covers the entire contracted period. Tax equity is being provided by U.S. Bancorp Community Development Corporation, a division of U.S. Bank. Still under construction, the project will commence operations in the next months and will supply renewable energy under two power purchase agreements, during a total period of 23 years.
Charles Pimentel, CEO of Solar Frontier Americas Development said, “Solar Frontier Americas has developed and sold six utility-scale projects totaling 173 MWDC and are continuing to grow our pipeline which currently exceeds 550 MW of solar projects. The addition of such a highly-esteemed, international investor to our customer base is proof that our development capabilities continue to expand and gain recognition. X-ELIO’s world-class team worked collaboratively with us to complete this transaction.”
Jorge Barredo, X-ELIO’s CEO, said, “I am proud of the successful outcome of months of work on this project. We have partnered with Solar Frontier’s expert team since May, and worked hard in creating an extremely competitive capital structure. We are now ready to deploy capital at any stage of the project lifecycle, from development to operation and we rely on a growing team of highly experienced people to develop our pipeline, forge partnerships with other development companies, and become a major player also in the United States.”
About Solar Frontier Americas Development
Solar Frontier Americas Development, a subsidiary of Solar Frontier (a global energy solutions company), develops and sells high performing, utility-scale photovoltaic plants in the United States and Latin America. Headquartered in San Francisco, California, the development team partners with solar system component suppliers, EPCs, and other developers to deliver optimized, high-yield solar plants that both economically and ecologically help meet the clean energy needs of today.
About Solar Frontier
Solar Frontier is the world’s largest provider of CIS solar panels, system solutions and services. Our solar panel technology delivers economical and environmental advantages in real-world conditions – where it counts – and our solutions range from innovative rooftop systems to professional power plant development services.
Solar Frontier K.K. is a 100% owned subsidiary of Showa Shell Sekiyu K.K. (TYO:5002) (“Solar Frontier”) and is headquartered in Tokyo, Japan.
X-ELIO specializes in the development, construction, operation and maintenance of solar plants in the U.S., India, the Middle East, Japan, South Africa, South America, Italy, and Spain. The business is currently present in 18 countries. The etymological cornerstones of X-ELIO’s name are Ex (meaning ‘out of’ and ‘from’) and Helios (the god who is the personification of the sun in Greek mythology.) It reflects X-ELIO’s ambition to be a global industry leader with a consummate financial performance as well as a sustainable, renewable energy provider, dedicated to helping to cut greenhouse gases and fight climate change.