AES Solar, the joint venture company of AES Corp. and Riverstone Holdings LLC, has completed three financings totaling $752 million. The capital is backing construction of the 266 MW Mount Signal project in California and a portfolio of three projects in France totaling 22.4 MW. The financing also provides AES Solar with a corporate revolving credit facility.
AES Solar says its global portfolio now totals more than 500 MW in operation or construction in seven countries.
The Mount Signal development (also known as Imperial Valley Solar 1, or IVS1) is located in Imperial County, Calif. Expected to be operational in early 2014, the facility will sell its output to San Diego Gas & Electric Co. via a long-term power purchase agreement. Mount Signal is being co-developed with 8minutenergy Renewables LLC.
The French portfolio, which totaled about $90 million, consists of a 12 MW parking-lot project near Toulouse; an 8.7 MW parking-lot project near Lyon; and a 1.7 MW ground-mount project also near Toulouse.
‘The combination of these several financings demonstrates the breadth of AES Solar's business activities across markets, solar PV plant configurations and sizes,’ says Becky Cranna, CFO of AES Solar.
