Greenbacker Renewable Energy Co. has completed the construction of its 20MWac Midway III solar PV project located in Imperial County, Calif.
Greenbacker purchased the project from Solar Frontier Americas Holdings in December 2017 and began construction in January 2018.
The project represents the largest solar project constructed by Greenbacker to date, and has been completed on budget and ahead of schedule. Midway III will sell all generated power to San Diego Gas & Electric Co. through a 20-year fixed-price power purchase agreement.
As part of the transaction, Greenbacker built upon its relationship with KeyBank N.A. by entering into a term loan back-leverage facility for Midway III. In addition, the company also arranged tax equity financing from PNC Bank. Both transactions closed on Sept. 28, 2018.
