First Solar, Inc. announced that Goldman Sachs Renewable Power LLC (GSRP), a private company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM), acquired the 123-megawatt (MW)AC American Kings Solar project in a transaction that closed at the end of June 2020.
Located in Kings County, California, the project is backed by a 15-year Power Purchase Agreement (PPA) with Southern California Edison and is scheduled to be commissioned in the fourth quarter of 2020.
“We are excited to partner with First Solar and M&T Bank in acquiring the American Kings Solar project. This is a bankable power plant backed by a long-term PPA, that is responsibly developed, and will generate the lowest carbon electricity possible today,” said Greg Roer, VP, GSAM Renewable Power Group. “We believe that this facility will have a positive impact on the environment and the community by directly displacing carbon emissions. We look forward to adding it to our growing portfolio in the US.”
The facility will be powered by First Solar’s Series 6 photovoltaic (PV) modules, designed and developed at the Company’s research and development (R&D) centers in California and Ohio.
The module sets industry benchmarks for quality, reliability, design, and environmental performance. With a carbon footprint that is up to six times lower than crystalline silicon PV panels manufactured using conventional, energy-intensive production methods, Series 6 delivers a superior environmental profile and the lowest carbon solar electricity available today.
“GSRP and First Solar share a common vision for a future powered by sustainable energy, and a commitment to achieving this by establishing and upholding some of the highest environmental stewardship standards in the industry,” said Richard Romero, VP Project Finance and Treasury, First Solar.
Once operational, American Kings will displace 78,000 metric tons of CO2-equivalent annually, which is equivalent to taking 15,000 cars off the road every year and saving 79 million liters of water annually, based on California averages. The air quality benefits of the project will amount to more than $12 million in avoided healthcare costs annually.