K Road Power buys 25 MW solar project from SunPower
The project is creating up to 144 construction jobs and injecting about $18.7 million into the local economy during construction
San Francisco, May 2, 2012 — K Road Power Holdings has acquired the 25 MW McHenry Solar Project that SunPower designed and is currently constructing in Modesto, Calif.
The project is creating up to 144 construction jobs and injecting about $18.7 million into the local economy during construction. SunPower will provide operations and maintenance services when the project begins commercial operation in September.
The solar power generated by the project's solar photovoltaic technology will be sold to the Modesto Irrigation District under a 25-year power purchase agreement, helping the utility achieve California's 33 percent renewable portfolio standard. It will generate the equivalent amount of power for about 6,000 homes.
K Road arranged non-recourse construction and term project financing with a syndicate of three institutions. Union Bank, N.A., Rabobank and CIT Energy acted as joint lead arrangers.
SunPower is installing the SunPower Oasis Power Plant product at the site. Oasis is a fully integrated, modular solar power block that is engineered to rapidly and cost-effectively deploy utility-scale solar projects while minimizing land use impacts.
Each power block integrates the SunPower T0 Tracker with SunPower's high efficiency solar panels, pre-manufactured system cabling, the Oasis smart inverter, and the Oasis operating system.
SunPower Oasis also features the SunPower advanced Tracker Monitoring and Control System for wireless control of the power plant. The power block kits are shipped pre-assembled to the job site for rapid field installation, and offer the highest capacity factor and the most reliable long-term performance.