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8minute Solar Energy sells Calif. solar project to Allianz Global Investors

8minute Solar Energy LLC said Sept. 10 that it has sold its equity interests in the 67-MW DC Lotus solar farm in Madera County, Calif., to asset manager Allianz Global Investors U.S. LLC.

According to a news release, the Lotus purchase is the first by the Allianz Global Investors U.S. infrastructure equity team in U.S. solar resources. "The acquisition of the Lotus Solar Farm directly supports our mission to actively invest in the future of the U.S. energy landscape by owning high-quality renewable power projects that promote a positive environmental impact," Armin Sandhoevel, chief investment officer, infrastructure equity, at Allianz Global Investors said in the news release.

The output of the Lotus project will be sold to Edison International subsidiary Southern California Edison Co. under a 20-year power purchase agreement.

Construction of the facility started in August and is slated for completion in May 2020. Signal Energy Constructors LLC is the engineering, procurement and construction services provider for the project.

The developer secured a construction loan, letter of credit and term loan facility from CIT and NORD LB.