SunEdison has completed construction of a 24 MW DC solar power plant located in the California Desert. The Cascade solar power plant is supplying renewable electricity to San Diego Gas & Electric (SDG&E) through a 20-year Power Purchase Agreement (PPA). Wells Fargo & Co. provided tax equity financing following completion of the solar power plant. Since 2007, Wells Fargo has provided tax equity and construction financing for more than 200 utility and distributed generation solar projects developed by SunEdison.
The project's PPA was awarded under the California Renewable Auction Mechanism (RAM). The RAM process is designed to ensure ratepayers get energy at a low cost by using a reverse auction and standard contracts, which simplifies contracting and streamlines regulatory reviews. To date this is the largest solar project to come on-line under the RAM program and the first RAM project constructed for SDG&E.
Wells Fargo has invested more than $1.3 billion of tax equity in more than 300 solar projects since 2007. To date, Wells Fargo has provided over $3 billion in tax equity debt financing for renewable energy projects in 28 states.
The 150-acre solar power plant is comprised of more than 75,000 SunEdison Silvantis™ Monocrystalline Solar PV Modules mounted to SunEdison AP90 Single Axis Trackers. Silvantis Modules are built using SunEdison polysilicon and wafers to ensure maximum reliability and performance. SunEdison AP90 single axis trackers help maximize energy harvest. The plant will be managed by the SunEdison Renewable Operation Center (ROC), which provides global 24/7 asset management, monitoring, field dispatch and reporting services.
