SunEdison Inc. has closed financing and begun construction on the 156-megawatt Comanche Solar project in Pueblo, Colorado.
The Comanche solar power plant will be the largest in Colorado and is expected to produce more than 300 gigawatt-hours of energy a year, enough to power approximately 30,000 Colorado homes. The solar power plant will avoid the emission of more than 478 million pounds of carbon dioxide, the equivalent of taking more than 45,000 passenger vehicles off the road.
Public Service Company of Colorado, a subsidiary of Xcel will purchase electricity generated by the solar power plant under a 25-year power purchase agreement with SunEdison. The power contract was awarded as part of an open solicitation where Comanche Solar was selected as preferred to other forms of energy, including natural gas.
“The Comanche Solar project demonstrates SunEdison’s ability to deliver renewable energy at a price competitive with conventional resources,” said Paul Gaynor, SunEdison executive vice president for EMEA and the Americas. “In addition, the Comanche Solar project will be financed through SunEdison’s US$1.5 billion non-recourse, First Reserve Warehouse. This facility is designed to expand as projects move into construction without incremental equity contributions by SunEdison.”
Construction has commenced on the project and will be managed by Renewable Energy Systems Americas Inc. SunEdison acquired Comanche Solar in 2014 from the original developer, Community Energy. The solar power plant is expected to be completed during the first half of 2016. Wells Fargo is providing tax equity for the project.
Operation and maintenance of the solar power plant will be performed by SunEdison Services.