Allianz Global Investors (“AllianzGI”) announced today that it has acquired and started construction on the Lotus Solar Farm, a 67 MW (dc) photovoltaic solar power plant located in Madera County, California. AllianzGI purchased the Lotus Solar Farm from 8minute Solar Energy (“8minute”), the largest independent solar and storage developer in the U.S. The project has signed a 20 year Power Purchase Agreement (“PPA”) with Southern California Edison (“SCE”), one of the nation’s leaders in renewable energy, for the more than 125,000,000 kWh produced annually when the project is complete-- enough energy to power more than 12,000 Southern California households.
“As an experienced investor in the global renewable infrastructure sector, we’re excited by the current transformation of the U.S. generation fleet towards renewable sources of power,” said Armin Sandhoevel, Chief Investment Officer Infrastructure Equity at Allianz Global Investors. “The acquisition of the Lotus Solar Farm directly supports our mission to actively invest in the future of the US energy landscape by owning high-quality renewable power projects that promote a positive environmental impact. We look forward to a continued strong partnership with 8minute built upon efficient execution and aligned values.”
“California continues to lead the transition to 100% clean energy, and projects such as the Lotus Solar Farm will be instrumental in providing dependable and affordable solar power,” said Tom Buttgenbach, President and CEO of 8minute Solar Energy. “We are pleased to collaborate with Allianz Global Investors and Southern California Edison to bring clean energy to thousands of Southern California residents. In addition, the Lotus Solar Farm offers a perfect example of how solar can offer farmers the opportunity to earn reliable revenue while repurposing water constrained, low-productivity agricultural land.”
The Lotus Solar Farm is being constructed on 375 acres of low-productivity former grazing land. The solar farm is expected to produce enough energy for more than 12,000 local homes and businesses once complete and is expected to reduce carbon emissions by approximately 48,000 metric tons each year.
Construction began in August 2019, and is scheduled to be completed in May 2020. Signal Energy is providing the Engineering, Procurement, and Construction (EPC) services for Lotus. Key suppliers will include NEXTracker with its NX Horizon smart solar tracker and TMEIC with 14 of their Ninja 4200 central inverters. CIT and NORD LB are providing a construction loan, letter of credit and term loan facility for the project.
In coordination with the AllianzGI Infrastructure Equity team’s Responsible Contractor Policy, the project is expected to create approximately 300 union jobs, utilizing workers from five different local unions. “The Infrastructure Equity team is thrilled to be working with the unions to bring high-impact jobs to the community as a result of the Lotus Solar Farm;”, said Dan de Boer, Co-Head of Transactions, Infrastructure Equity Americas, “we are committed to demonstrating that renewable development doesn’t come at the expense of quality jobs and economic growth.”
For further information please contact:
Robin Pertusi, +1 212 739 3172, Robin.Pertusi@allianzgi.com
About Allianz Global Investors
Allianz Global Investors is a leading active asset manager with over 790 investment professionals in 25 offices worldwide and managing more than EUR 540 billion in assets for individuals, families and institutions*.
Active is the most important word in our vocabulary. Active is how we create and share value with clients. We believe in solving, not selling, and in adding value beyond pure economic gain. We invest for the long term, employing our innovative investment expertise and global resources. Our goal is to ensure a superior experience for our clients, wherever they are based and whatever their investment needs.
Active is: Allianz Global Investors
About 8minute Solar Energy
Allianz Global Investors is a leading active asset manager with over 790 investment professionals in 25 offices worldwide and managing more than EUR 540 billion in assets for individuals, families and institutions*.
8minute Solar Energy ("8minute") is the largest privately-held developer of solar PV and storage projects in the United States. Founded a decade ago by President and CEO Tom Buttgenbach, 8minute has over 15 GW of solar and storage under development in California, the Southwest, Texas, and the Southeast, with more than 1.5 GW of solar power plants now in operation. The company has also developed the largest solar plant in the nation, the 800 MW Mount Signal solar farm in California. 8minute has one of the best development teams in the industry with a track record of delivering above-market profitability and strong financial returns on utility-scale solar and storage projects. For more information, please visit www.8minute.com.
*Data as at 30 June 2019.
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Summary
Allianz Global Investors, one of the world’s leading active investment managers, announced today that it has appointed Andreas Fruschki as head of a newly created Thematic Equity team.
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