Dec. 2 (Bloomberg) — The 280-megawatt Mojave solar farm,
owned by Abengoa SA’s energy holding company, has begun
generating power for almost 90,000 homes in California.
Abengoa Yield Plc’s power plant, about 100 miles (161
kilometers) northeast of Los Angeles, will sell electricity
under a 25-year contract to Pacific Gas & Electric Co.,
according to a statement today. The solar farm is expected to
displace 350,000 tons of carbon dioxide a year.
Abengoa Yield, which includes among its nine assets a
solar-thermal plant in Arizona, raised $721 million in an
initial public offering in June. SunEdison Inc. and NRG Energy
Inc. have used a similar strategy to spin off assets into so-called yieldcos.
The investment structure allows project owners to pool
assets into publicly traded entities that pay dividends,
reducing capital costs and boosting cash.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Carlos Caminada