K Road Power Holdings has acquired a 25MW (AC) McHenry Solar Project being constructed in California, US, from SunPower for an undisclosed amount.
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The $18.7m plant was designed by SunPower, which will also operate and maintain the project, following commercial operation slated later this year.
K Road’s chairman and chief executive officer William Kriegel said, "We are proud to partner with SunPower to supply clean, renewable electricity to the Modesto Irrigation District, a community owned electric and water utility in California’s central valley."
Under a 25-year power purchase agreement, the generated power will be sold to the Modesto Irrigation District in line with California’s 33% renewable portfolio standard.
The plant is expected to generate sufficient power to meet the needs of around 6,000 homes.
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By GlobalDataFor the purchase, K Road has arranged for a non-recourse construction and term project financing with a syndicate of three institutions: Union Bank, N.A. (Administrative Agent), Rabobank and CIT Energy acted as Joint Lead Arrangers.
SunPower is installing its Oasis Power Plant product, which integrates the SunPower T0 Tracker with SunPower’s high efficiency solar panels, pre-manufactured system cabling, the Oasis smart inverter, and the Oasis operating system.
SunPower Oasis also features the advanced Tracker Monitoring and Control System for wireless control of the power plant.
