The deal represents the first leveraged lease structured financing for a CSP plant in the United States, and the largest solar power plant built in the world in 16 years.
The leveraged lease structure was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and Caixa Geral de Depósitos, headquartered in Portugal, and equity investors JPMorgan Capital Corporation, Northern Trust and Wells Fargo.
All of the plant’s production is being sold to Nevada Power and Sierra Pacific Power under long-term power purchase agreements (PPAs). Solar thermal closely tracks power demand, providing peak power when the demand for air conditioning is at its greatest in the US Southwest, where the demand for peak power is increasing at three times that of normal demand.
The official dedication ceremony for the Nevada Solar One plant is expected to occur in the autumn.
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