8minutenergy, the largest independent solar power developer in the United States, announced this week that it has sold the 121 megawatt (MW) Springbok 3 Solar Farm to independent global private asset management firm Capital Dynamics.
The 121 MW Springbok 3 Solar Farm is located in Kern County, California, and is the third project built in 8minutenergy’s Springbok cluster which already includes the 137 MW Springbok 1 project and the 191 MW Springbok 2 project. Together, after Springbok 3 begins construction later this year and begins operations in June of 2019, the three solar projects will supply enough electricity for the equivalent of 152,000 Los Angeles homes.
8minutenergy currently boasts 8.5 gigawatts (GW) worth of solar PV and storage under development in North America and operates over 800 MW worth of solar. The company is also responsible for some of the largest upcoming solar plants in the world, including the 800 MW Mount Signal solar farm being built in California’s Imperial Valley. Earlier this year the company successfully energized Phases 1 and 2 of the 328 MW Mount Signal 3 Solar Farm, the third part of the project.
Mount Signal 3 also involves Capital Dynamics, which in July of 2017 partnered with 8minutenergy to acquire the project.
8minutenergy previously announced last year that it had signed a Power Purchase Agreement with the Southern California Public Power Authority (SCPPA) on behalf of one of its participating members, the Los Angeles Department of Water and Power (LADWP).
“As California embarks on the challenge of transitioning to 100% clean energy, projects such as the Springbok cluster will be instrumental in proving the cost-competitiveness and ease of installation of large-scale solar power,” said 8minutenergy’s Chief Executive Officer, Martin Hermann. “We are pleased to collaborate on another project with Capital Dynamics to bring reliable, affordable solar energy to the people of Los Angeles.”
“Our Springbok projects were among the first operational solar farms to beat fossil fuel prices in the nation,” added 8minutenergy President and Co-Founder, Tom Buttgenbach. “With Springbok 3’s long-term PPA in place, we are grateful to our deeply-committed partners – the Los Angeles Department of Water and Power, SCPPA, Capital Dynamics, Kern County, and the City of Los Angeles – for understanding the importance of affordable clean energy, and for sharing our industry-leading vision.”
This acquisition marks yet another move for Capital Dynamics in a year which has already involved the acquisition of 8point3 Energy Partners, worth approximately $977 million in equity value and around $1.7 billion in enterprise value. 8point3 in February agreed to enter into a Plan of Merger and Purchase Agreement with CD Clean Energy and Infrastructure V JV, LLC, an investment fund managed by Capital Dynamics.
Capital Dynamics has also closed two $1.2 billion infrastructure funding rounds this year alone. As a result, not only does Capital Dynamics manage approximately 2.3 GW worth of solar projects — including five of the 15 largest solar farms in the United States — but it now also manages approximately $4.8 billion for its clean energy infrastructure strategy.
“We are proud to acquire the Springbok 3 solar project, and to deepen our relationship with 8minutenergy,” said Benoit Allehaut, Director in the Capital Dynamics’ Clean Energy Infrastructure (CEI) business. “Our strategy of ownership of high-quality assets with very long-term power purchase agreements aligned perfectly with this particular project. We are confident in our ability to deliver a premium asset in partnership with 8minutenergy, having already witnessed their dedication to developing projects on-time and on-budget.”