First Solar announced that Goldman Sachs Renewable Power acquired the 123-megawatt AC American Kings Solar project in a transaction that closed at the end of June 2020.
Located in Kings County, California, the project is backed by a 15-year Power Purchase Agreement with Southern California Edison and is scheduled to be commissioned in the fourth quarter of 2020.
Greg Roer, vice president, GSAM Renewable Power Group.
“We are excited to partner with First Solar and M&T Bank in acquiring the American Kings Solar project. This is a bankable power plant backed by a long-term PPA, that is responsibly developed, and will generate the lowest carbon electricity possible today. We believe that this facility will have a positive impact on the environment and the community by directly displacing carbon emissions. We look forward to adding it to our growing portfolio in the United States.”
The facility will be powered by First Solar’s Series 6 photovoltaic (PV) modules, designed and developed at the Company’s research and development centers in California and Ohio.
Richard Romero, vice president, project finance and treasury, First Solar.
“GSRP and First Solar share a common vision for a future powered by sustainable energy, and a commitment to achieving this by establishing and upholding some of the highest environmental stewardship standards in the industry. We thank GSRP for its trust and for recognizing the value of adding a First Solar-developed project to its portfolio. As America’s solar company, we’re proud that this project will support California’s efforts to decarbonize its electricity with technology developed in the state.”
Once operational, American Kings will displace 78,000 metric tons of CO2-equivalent annually, which is equivalent to taking 15,000 cars off the road every year and saving 79 million liters of water annually, based on California averages. The air quality benefits of the project will amount to more than $12 million in avoided healthcare costs annually.