January 2015 - Google, along with Prudential Capital Group, has entered into a $157 million financing deal with Scatec, a Norway-based solar power producer, to construct a 104 megawatt (MW) solar power plant in Parowan, Utah. The facility is being built on a 650-acre site with 325,000 modules on a single-axis tracking system. The project is expected to generate approximately 210 million kilowatt-hours (kWh) of electricity per year and the power will be sold under a 20-year Power Purchase Agreement (PPA) with PacifiCorp's Rocky Mountain Power. Total investment for this project is estimated at $188 million with Google and Scatec Solar owning the plant via a joint venture. Scatec Solar will manage and operate the plant, while Prudential will provide the debt financing.

News Release - Scatec Solar Closes USD 157 Million Financing from Google and Prudential Capital Group to Build 104 MW Solar Plant in Utah

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.