Sunpin Solar LLC, a California-based solar energy company, has signed a Power Purchase Agreement (PPA) for the Titan Solar 1 power plant.
The project has a 12 year PPA with Exelon Generation Co. LLC, a company that serves retail customers in California through its subsidiary Constellation NewEnergy Inc. In addition, Sunpin announced that Morgan Stanley Capital Group will offer 8 year financial protection.
“By working with our strong financial partners, Sunpin has once again been able to deliver secure and predictable long-term profits, and we congratulate our long-term partners on their confidence in the company's long-term solar strategy,” said Kelly Lloyd, Sunpin CFO. “In the past 18 months, Sunpin has received over $ 100 million from tax-return investors, and later in 2021 Sunpin will seek tax-breaks on over 500 MW PV / BESS cash on delivery projects in 2022 and 2023.”
The project, construction of which began in January 2020, was completed and operated commercially in December 2020. The 98 MW DC / 70 MW AC site is located in Imperial County, California on 420 acres. The single-axis tracking system has an expected annual production of 215,000 MWh.