Tenaska Closes $450 Million Financing for Second California Solar Project

Posted on Friday, June 13th, 2014.

Tenaska Imperial Solar Energy Center West to Begin Construction in 2014
OMAHA, Nebraska – Leading U.S. independent energy provider Tenaska closed $450 million in commercial financing today for Tenaska Imperial Solar Energy Center West, a 150-megawatt (MW) photovoltaic solar electric generating plant near El Centro, California, and Tenaska’s second utility-scale project in the region.

Tenaska Imperial West will be the 17th power generation project Tenaska has developed, financed and constructed, and its second solar facility. The company has approximately 5,000 MW of natural gas-fueled and renewable projects in pre-financing development, including more than 250 MW of solar power in Imperial County, California, and the 800-MW, natural gas-fueled Tenaska Brownsville Generating Station in Texas expected to begin commercial operation in 2017. In business since 1987, Tenaska has raised more than $13 billion in capital through bank facilities, capital market transactions, corporate facilities and equity, supporting approximately 9,000 MW of U.S. projects.

“We have a 27-year history of taking power projects from concept to reality and delivering them on time and within budget,” said David Kirkwood, Tenaska vice president and treasurer. “Now we’re leveraging our experience developing natural gas-fueled power plants for solar electric generation. Tenaska Imperial Solar Energy Center West’s oversubscription and successful financing demonstrate the strength of the project.”
An affiliate of Tenaska developed Tenaska Imperial West and before that Tenaska Imperial Solar Energy Center South, a 130-MW, utility-scale solar plant also near El Centro in Southern California’s Imperial Valley. Tenaska Imperial South began commercial operation Nov. 1, 2013.

Tenaska plans to begin construction on Tenaska Imperial West later in 2014, with commercial operation expected in 2016. Like Tenaska Imperial South, Tenaska Imperial West will provide clean, renewable energy to San Diego Gas & Electric Company (SDG&E) under a 25-year power purchase agreement via SDG&E’s Sunrise Powerlink transmission line.

First Solar, Inc. (Nasdaq: FSLR) is the engineering, procurement and construction (EPC) contractor for Tenaska Imperial West. The facility will use First Solar’s advanced thin-film photovoltaic (PV) modules with single-axis tracking to follow the sun for greater power generation. First Solar was the EPC contractor for Tenaska Imperial South and now operates the facility under a contract with Tenaska.

An affiliate of Tenaska is the majority owner of Tenaska Imperial West. An affiliate of Silver Ridge Power, LLC owns a minority interest in the project.

Mitsubishi UFJ Financial Group, BNP Paribas, Royal Bank of Canada, Santander Bank, Helaba and DZ Bank led the bank group. Riverside Risk Advisors assisted Tenaska in designing and executing its interest rate risk management program.

“Achieving financial closing for our second utility-scale solar project represents a significant milestone for Tenaska. The project is moving forward on schedule,” said Greg Kelly, Tenaska president, development, “and we’re looking forward to starting construction.”

About Tenaska
Tenaska, based in Omaha, Nebraska, is one of the leading independent power producers in the U.S., with regional offices in Dallas, Denver, Houston, Pittsburgh and Calgary and Vancouver, Canada. Forbes magazine consistently ranks Tenaska among the largest privately held U.S. companies. Tenaska and its affiliates have developed and constructed approximately 9,000 megawatts (MW) of natural gas-fueled and renewable power generation, and manage operations for approximately 11,000 MW of power generation consisting of 15 power plants. Tenaska formed CSOLAR IV West, LLC to build, own and operate the Tenaska Imperial Solar Energy Center West. Affiliates of Tenaska serve as the managing partner. Tenaska Solar Ventures, LLC, Tenaska’s solar energy development affiliate, developed both Tenaska Imperial Solar Energy Center West and Tenaska Imperial Solar Energy Center South. Tenaska affiliates also market natural gas, electric power, biofuels and related commodities, and natural gas fuels, and provide energy risk management services. Tenaska is involved in asset acquisition, fuel supply, natural gas exploration, production and transportation systems, and electric transmission development. For more information about Tenaska, visit www.tenaska.com or www.tenaskasolarventures.com.

Tenaska Closes Financing

Tenaska Closes Financing


Tenaska Closes Commercial Financing for Imperial Solar Energy Center South

OMAHA, Neb., April 9, 2012 /PRNewswire via COMTEX/ — Tenaska, one of the largest independent energy companies in the United States, today announced that it has closed financing for Imperial Solar Energy Center South, a utility-scale photovoltaic solar generating plant in southern California.

The project represents Tenaska’s expansion into solar power generation and is the first of what is expected to be a number of solar generating stations the company will develop in California and other states.

The 946-acre renewable energy project was developed in Imperial County by an affiliate, Tenaska Solar Ventures, LLC. A second project, Imperial Solar Energy Center West, is being developed nearby.

Nine banks provided debt financing. The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Union Bank, N.A. (collectively, “MUFG”) led the bank group, which includes BBVA Compass, DZ Bank, Helaba, Key Bank, Lloyds TSB Bank, Royal Bank of Canada and Santander’s Sovereign Bank.

“We are proud to have teamed with an outstanding group of lenders whose professionalism and commitment to the deal were especially important in today’s challenging financing environment,” said David Kirkwood, Tenaska vice president and treasurer. “This financing also recognizes Tenaska’s consistent approach to rational projects, underpinned by strong contracts and appropriately structured debt.”

On-site construction of Imperial Solar Energy Center South began in December. About 130 megawatts of electricity has been sold to San Diego Gas & Electric (SDG&E) under a 25-year agreement, enough electricity to meet the needs of at least 44,000 California homes at peak demand.

 

First Solar, Inc. is the technology provider and the engineering, procurement and construction contractor for the project, using its advanced thin film photovoltaic modules.

“For 25 years, Tenaska has been a developer and operator of electric generating plants fueled by natural gas. We’re leveraging this experience to expand into solar generation, and we expect to play a significant role in the solar energy industry,” said Tenaska Development President Dave Fiorelli.

Imperial Solar Energy Center South is expected to go into commercial operation in 2014, becoming one of the first solar projects to deliver power via the Sunrise Powerlink transmission line being constructed by SDG&E.

Tenaska Solar Ventures Chooses First Solar to Construct Imperial Solar Energy Center South

Tenaska Solar Ventures Chooses First Solar to Construct Imperial Solar Energy Center South


First Solar has been selected as the engineering, procurement and construction (EPC) contractor for the Imperial Solar Energy Center South.

OMAHA, Neb., Sept. 27, 2011 /PRNewswire via COMTEX/ — In a major step in the development of the Imperial Solar Energy Center South, Tenaska Solar Ventures, the solar energy affiliate of Tenaska, has selected First Solar to be the technology provider and engineering, procurement and construction (EPC) contractor for the project.

First Solar will provide EPC services, using advanced thin film photovoltaic (PV) modules for the solar generating plant to be located on approximately 950 acres in the southern part of Imperial County.

“The selection of First Solar to design and build Imperial Solar Energy Center South is a significant milestone in the development of new renewable sources of energy for Southern California,” said Bart Ford, Tenaska vice president of Development. “First Solar is among the most respected and experienced manufacturers of solar energy systems in the United States, and we are pleased to obtain the company’s services for our Imperial Solar facility.”

The proposed Imperial Solar Energy Center South will be a ground-mounted PV solar power generating system with a capacity of approximately 130 megawatts (MW) of electricity. PV technology converts sunlight directly into electricity with panels using semiconductors that do not produce noise or emit any greenhouse gases. When operating at peak times, the project will produce enough electricity to meet the needs of at least 44,000 California homes. The electricity produced by the project will be sold under a 25-year power-purchase agreement to San Diego Gas & Electric (SDG&E).

“We are excited to work with Tenaska on this project, bringing our industry-leading engineering, construction and operations expertise in utility-scale solar projects to the Imperial Valley,” said Jim Lamon, First Solar senior vice president of EPC and Operations and Maintenance.

First Solar, formed in 1999 and headquartered in Tempe, Ariz., is a world leader in the manufacture of advanced, thin film PV solar modules, with over 4 gigawatts (GW) of working installations worldwide and factory production of 2 GW of modules per year, and is a premier provider of comprehensive PV solar systems.

The project is expected to create about 250 jobs at peak construction and four to five direct, long-term jobs to support ongoing operations. Construction is expected to begin in late 2011, with commercial operation in 2014.

Tenaska Solar Ventures will manage the Imperial Solar Energy Center South project for CSOLAR IV South, LLC, which will develop, own and operate the project. Both Tenaska Solar Ventures and CSOLAR IV South, LLC are affiliates of Tenaska. Tenaska is an energy company based in Omaha, Nebraska, with a proven track record of developing, constructing, owning, and operating state-of-the-art electric generation and cogeneration plants.

About Tenaska Solar Ventures

Tenaska Solar Ventures, dedicated to developing, owning and operating solar projects in North America, is an affiliate of Tenaska.

About Tenaska

Tenaska is an independent energy company headquartered in Omaha, Neb., that develops, constructs, owns, and operates non-utility generation and cogeneration plants. The company also markets natural gas, biofuels and electric power, and provides risk management services in addition to being involved in asset acquisition, fuel supply, natural gas exploration, production and transportation systems, and electric transmission development. Tenaska has developed approximately 9,000 megawatts (MW) of electric generating capacity across the United States. Tenaska’s affiliates operate and manage eight power plants in six states totaling more than 6,700 MW of generating capacity owned in partnership with other companies. Tenaska Capital Management, an affiliate, is the manager of private equity funds with approximately $4.4 billion in assets, including eight power plants (with approximately 5,100 MW of capacity) and multiple natural gas midstream assets, including gas storage, gathering, and processing facilities. Tenaska is repeatedly listed in benchmarking studies by the Natural Resources Defense Council as having among the best fleet-wide records in the United States for controlling emissions. For more information about Tenaska, visit www.tenaska.com .

SOURCE Tenaska

Salazar Approves Transmission for Major Solar Project in California

Salazar Approves Transmission for Major Solar Project in California


250 MW project will generate up to 285 jobs, $5 million in local sales tax.

08/25/2011

Contact: Adam Fetcher (DOI) 202-208-6416
David Quick (BLM) 202-912-7413

WASHINGTON, DC – Secretary of the Interior Ken Salazar has approved a transmission line on public lands that will connect a 250-megawatt solar power project to the energy grid in California. The transmission line will connect to the Imperial Solar Energy Center West Project in Imperial County that, when constructed, will generate power for more than 75,000 homes.

Proposed by CSOLAR Development, LLC, the project is expected to create up to 285 jobs during construction and infuse up to $5 million in sales tax revenue to the local government.

“Through smart siting of projects, early environmental review and a coordinated approval process, Interior is helping to stand up a renewable energy economy, spurring innovation, job-creation, and investment in the private sector,” Secretary Salazar said. “When constructed, this solar project will add to a growing, sustainable energy strategy that will power our local communities and economies.”

Today’s announcement is the latest in a series of solar, wind, geothermal and transmission project approvals resulting from Interior’s priority approach to processing existing applications for renewable energy development on public lands in a coordinated, focused manner with full environmental analysis and public review.

“The solar project itself will be constructed on private, fallowed farm lands near El Centro,” said Bureau of Land Management Director Bob Abbey. “This transmission line will be placed in an area already designated as a transmission corridor. The entire project is sited in a perfect spot for renewable energy development in the California desert.”

The above-ground 230 kilovolt transmission line will carry power five miles to the existing Imperial Valley Substation and will be located on 65 acres of Interior-managed lands.

As part of Interior’s commitment to responsible development of renewable energy, the project received extensive environmental review and mitigation measures, with the Environmental Impact Report/Environmental Assessment (EIR/EA) issued on July 28, 2011. Interior’s Bureau of Land Management also worked in close coordination with American Indian communities and the U.S. Fish and Wildlife Service, and other stakeholders to avoid, minimize and compensate for potential adverse impacts.

For example, the BLM and state agencies are requiring the developer to acquire more than 100 acres of suitable wildlife habitat to compensate for impacts of the project. Installation of temporary fencing around proposed impact areas will prevent impacts to adjacent cultural resources.

Because the development on private land is connected to the federal Right of Way for the transmission line and cannot proceed without Interior approval, the Environmental Impact Report/Environmental Assessment had to consider the impacts of the entire generation and transmission project, including the components located on private lands. The EIR/EA was jointly prepared by Interior’s Bureau of Land Management, the Department of Energy and the County of Imperial, California to meet the requirements of the California Environmental Quality Act and the National Environmental Policy Act.

Earlier this month, Salazar approved the Desert Sunlight Solar Farm, a 550-megawatt project also in the California desert, and in July, he approved two utility-scale solar developments in the state, a wind energy project in Oregon, and a transmission line in Southern California. Together the four 2011 solar projects will create more than 2,215 construction jobs and provide a combined 1,350 megawatts of electricity.

SDG&E Signs Renewable Power Contract with Tenaska Project that will Use Locally Produced Solar Modules

SDG&E SIGNS RENEWABLE POWER CONTRACT WITH TENASKA PROJECT THAT WILL USE LOCALLY PRODUCED SOLAR MODULES


SAN DIEGO, March 10, 2011 – San Diego Gas & Electric (SDG&E) and a subsidiary of CSOLAR Development, LLC, a renewable energy company managed by Tenaska Solar Ventures, today announced a 25-year contract for up to 150 megawatts (MW) of solar energy to be generated at the Imperial Solar Energy Center (ISEC) West’s proposed 1,057-acre solar energy facility near El Centro, Calif.   This project will create nearly 300 construction jobs in the Imperial Valley during the two-year construction period.

The ISEC West project will connect with SDG&E’s Imperial Valley substation and its renewable solar energy will be transmitted over the utility’s Sunrise Powerlink transmission line, currently under construction and slated for completion in 2012.

The substantial project will produce enough renewable solar energy to serve more than 55,000 households a year.

“We are pleased to be a growing part of the Imperial Valley solar energy community, helping bring clean, renewable power to California population centers,” said Dave Fiorelli, president of Tenaska’s Development Group.  “This additional facility will play an important role in providing reliable, environmentally advantageous electricity and job creation.”

Last November, SDG&E signed a contract with another subsidiary of CSOLAR Development for up to 130 MW of solar photovoltaic capacity to be constructed on a 900-acre site in the southern part of Imperial County called the Imperial Solar Energy Center South (ISEC South).  That project is slated for completion in 2014 and is expected to bring up to 250 new construction jobs to Southern California.

LightSource Renewables, LLC, was the originator of the ISEC South and West projects and continues to provide services to the project.

“The partnership we have formed with the community as we have moved forward with Imperial Solar Energy Center West reflects local leaders’ understanding of the promise of clean energy,” said Peter Fisher, chief executive officer of LightSource Renewables.  “The outcome of this cooperative effort will be economic growth in Imperial County, a new source of clean, renewable energy, and hundreds of construction jobs and long-term jobs both on site and in the local community.”

The contract requires approval from the California Public Utilities Commission.

About SDG&E

SDG&E is a regulated public utility that provides safe and reliable energy service to 3.5 million consumers through 1.4 million electric meters and more than 850,000 natural gas meters in San Diego and southern Orange counties.  The utility’s area spans 4,100 square miles.  SDG&E is committed to creating ways to help our customers save energy and money every day.  SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.

About Tenaska Solar Ventures
Tenaska Solar Ventures, which manages CSOLAR Development, LLC, a renewable energy company, is dedicated to developing, owning and operating solar projects in North America.  Tenaska Solar Ventures is managed by Tenaska, an independent energy company headquartered in Omaha, Nebraska that develops, constructs, owns, and operates non-utility generation and cogeneration plants.  The company also markets natural gas, biofuels and electric power, and provides risk management services in addition to being involved in asset acquisition, fuel supply, natural gas exploration, production and transportation systems, and electric transmission development.  Tenaska has developed approximately 9,000 megawatts (MW) of electric generating capacity across the United States.  Tenaska’s affiliates operate and manage eight power plants in six states totaling more than 6,700 MW of generating capacity owned in partnership with other companies.  Tenaska Capital Management, an affiliate, is the manager of private equity funds with approximately $4.4 billion in assets, including nine power plants (with approximately 5,400 MW of capacity) and multiple natural gas midstream assets, including gas storage, gathering, and processing facilities.  Tenaska is repeatedly listed in benchmarking studies by the Natural Resources Defense Council as having among the best fleet-wide records in the United States for controlling emissions. For more information about Tenaska, visit www.tenaska.com.

About LightSource Renewables, LLC
LightSource Renewables invests in and develops utility scale solar and wind generation plants.  Headquartered in San Diego, California, LightSource provides well located, cost effective, sustainable energy solutions to meet the long term energy needs of the United States.  LightSource is working both independently and with partners to bring over 1,000 MWs of utility scale solar and wind projects to fruition. For more information, visit www.lightsourcerenewables.com.

SDG&E Adds More Imperial Valley Renewable Energy To Portfolio

SDG&E Adds More Imperial Valley Renewable Energy To Portfolio


Photovoltaic facility proposed by Tenaska Solar Ventures will deliver up to 130 megawatts of clean energy to San Diego across the Sunrise Powerlink.  The project was originated and developed by LightSource Renewables, LLC.

SAN DIEGO, Nov. 11, 2010 –– San Diego Gas & Electric (SDG&E) today announced that it has signed a 25-year power-purchase agreement with a subsidiary of CSolar Development, LLC, a renewable energy company managed by Tenaska Solar Ventures, to procure up to 130 megawatts (MW) of renewable power. The solar photovoltaic energy will come from a proposed facility in Imperial County.

“SDG&E is committed to developing new sources of green energy for our customers and this contract illustrates the concentrated effort we’ve made to securing renewable resources in the Imperial Valley,” said James P. Avery, senior vice president of power supply for SDG&E. “These clean resources will provide our customers in the San Diego region with new renewable energy via the Sunrise Powerlink.”

The agreement between SDG&E and CSolar Development is for up to 130 MW of solar photovoltaic capacity to be constructed on a 900-acre site in the southern part of Imperial County called the “Imperial Solar Energy Center South.” The project is expected to be completed in 2014.

“We look forward to working with SDG&E to bring additional clean energy development to the homes and businesses of California, which is emerging as the renewable energy capital of the nation,” said Dave Fiorelli, president of Tenaska’s Development Group. “This project also will bring up to 250 new construction jobs to Southern California, which is good news in these hard economic times.”

The ground-mounted photovoltaic solar power generating system will have a combined capacity of up to 130 MW of electricity. When operating at peak times, the Imperial Solar Energy Center South will produce enough electricity to meet the needs of approximately 44,000 California homes. Photovoltaic technology converts sunlight directly into electricity with panels that do not produce noise or emit any greenhouse gases. The technology has limited water supply requirements, an important consideration for the Imperial Valley. In addition to producing clean electricity, the facility represents a significant economic investment in Imperial County and will create hundreds of area construction jobs.

“This project will provide many employment opportunities that are so crucial for our area,” said Tim Kelley, chief executive officer of the Imperial Valley Economic Development Corporation. “The new energy center will generate new construction and green energy jobs and become an engine of economic growth. These are just the types of benefits that the Sunrise Powerlink will facilitate and create in the Imperial Valley.”

LightSource Renewables, LLC was the originator of the Imperial Solar Energy Center South project and continues to provide ongoing development to the project. “LightSource Renewables believes solar energy is critical to meeting our long term energy needs while protecting our environment,” said Peter Fisher, chief executive officer of LightSource Renewables. “We have worked in partnership with community leaders to minimize the project’s impacts and maximize the value the project will bring to the Imperial Valley.”

The power generated by the new Imperial Solar Energy Center South will be delivered to customers in SDG&E’s service territory across the Sunrise Powerlink, a 120-mile, 500-kilovolt electric transmission line, which was designed to tap into the vast renewable resources of the Imperial Valley. When completed in 2012, the new power line is expected to carry up to 1,000 MW of electricity. Without the Sunrise Powerlink, many renewable energy facilities in the Imperial Valley would have no clear path to the San Diego County market.

This new power contract is just one of three new solar agreements with Imperial Valley renewable energy developers in the past six months for approximately 300 MW of power for delivery to customers over the Sunrise Powerlink. This summer, SDG&E signed two contracts with LS Power for power from the company’s Centinela Solar Energy facility, which will provide up to 175 MW of renewable power. Securing renewable energy from the Imperial Valley is a key focus of SDG&E’s power purchase efforts. The new solar project in the Imperial Valley will help SDG&E meet California’s mandate to procure 20 percent of its power from renewable resources by 2010 and the company’s voluntary commitment of 33 percent by 2020.

About SDG&E

SDG&E is a regulated public utility that provides safe and reliable energy service to 3.4 million consumers through 1.4 million electric meters and more than 840,000 natural gas meters in San Diego and southern Orange counties. The utility’s area spans 4,100 square miles. SDG&E is committed to creating ways to help customers save energy and money every day. SDG&E is a subsidiary of Sempra Energy (NYSE: SRE), a Fortune 500 energy services holding company based in San Diego.

About Tenaska Solar Ventures

Tenaska Solar Ventures, which manages CSOLAR Development, LLC, a renewable energy company, is dedicated to developing, owning and operating solar projects in North America. Tenaska Solar Ventures is managed by Tenaska, an independent energy company headquartered in Omaha, Nebraska that develops, constructs, owns, and operates non-utility generation and cogeneration plants. The company also markets natural gas, biofuels and electric power, and provides risk management services in addition to being involved in asset acquisition, fuel supply, natural gas exploration, production and transportation systems, and electric transmission development. Tenaska has developed approximately 9,000 megawatts (MW) of electric generating capacity across the United States. Tenaska’s affiliates operate and manage eight power plants in six states totaling more than 6,700 MW of generating capacity owned in partnership with other companies. Tenaska Capital Management, an affiliate, is the manager of private equity funds with approximately $5 billion in assets, including nine power plants (with approximately 5,400 MW of capacity) and multiple natural gas midstream assets, including gas storage, gathering, and processing facilities. Tenaska is repeatedly listed in benchmarking studies by the Natural Resources Defense Council as having among the best fleet-wide records in the United States for controlling emissions. For more information about Tenaska, visit www.tenaska.com.

About LightSource Renewables, LLC

LightSource Renewables, LLC was the originator of the Imperial Solar Energy Center South project and continues to provide ongoing development services to this project. LightSource Renewables invests in and develops utility scale solar and wind generation plants. Headquartered in San Diego, California, LightSource provides well located, cost effective, sustainable energy solutions to meet the long term energy needs of the United States. LightSource is working both independently and with partners to bring over 1,000 MWs of utility scale solar and wind projects to fruition. For more information, visitwww.lightsourcerenewables.com.