CohnReznick Capital Markets Securities (CRCMS) announces an agreement with 8minutenergy Renewables and sPower on their utility-scale Redwood Solar Farm cluster in Kern County, California. The 72.9 MW-dc aggregated solar projects have signed PPAs with Southern California Edison (SCE), Pacific Gas and Electric Company (PG&E) and the City of Palo Alto.
8minutenergy will team with sPower to build Redwood Solar Farms with a Commercial Operation Date (COD) in the third quarter of 2015. CRCMS was able to identify Macquarie (USA), Inc. (Macquarie) as a provider of development capital for the project in order to bring the project to a construction-ready stage. 8minutenergy also contributed development capital to the projects.
"CohnReznick Capital Markets worked jointly with Macquarie Capital and 8minutenergy over the last year to help deliver these projects to the marketplace. This was a great opportunity to utilize each group’s specific abilities to collectively bring these projects to fruition," said CRCMS Managing Director, Conor McKenna. "We are excited to have facilitated the development of these assets and to broaden the development of utility-scale solar in the U.S."
The agreement between CRCMS, sPower and 8minutenergy was transacted with 8minutenergy's wholly-owned subsidiaries 65HK 8me LLC, 67RK 8me LLC, and 87RL 8me LLC. The agreement process was led by Macquarie Capital. Financial details were not disclosed.