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Firstar purchases tax equity in 2 Calif. solar projects

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Firstar purchases tax equity in 2 Calif. solar projects

Firstar Development LLC informed the Federal Energy Regulatory Commission on Oct. 9 that it completed the purchase of tax equity interests in two solar projects in Kern County, Calif.

Capital Dynamics Holding AG subsidiary Capital Dynamics Inc. will retain the managing and operating ownership in the 48-MW Beacon Solar Plant Site 2 and 36-MW Beacon Solar Plant Site 5 projects.

The output from the projects has been secured by the Los Angeles Department of Water and Power under long-term power contracts.

Firstar Development is an investment arm of U.S. Bancorp that owns tax equity in different U.S. renewable projects.

FERC approved the transaction on Oct. 2. (FERC docket EC17-147)