Tenaska seals California financing

Developer Tenaska says it has closed $450m in commercial financing for its proposed 150MW Imperial Solar Energy Center West PV project near El Centro, California.

Mitsubishi UFJ Financial Group, BNP Paribas, Royal Bank of Canada, Santander Bank, Helaba and DZ Bank led the bank group. Riverside Risk Advisors assisted Tenaska in designing and executing its interest rate risk management program.

The company plans to begin construction on Tenaska Imperial West later this year with commercial operation expected in 2016. All power will be sold under a 25-year contract to utility San Diego Gas & Electric Company (SDG&E).

First Solar is the engineering, procurement and construction (EPC) contractor for Tensaska Imperial West. The facility will use First Solar's advanced thin-film photovoltaic (PV) modules with single-axis tracking to follow the sun for greater power generation.

An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130-MW, utility-scale solar plant also near El Centro in Southern California's Imperial Valley. Tenaska Imperial South began commercial operation last November.