Five rural Tulare County solar projects now under construction were sold to an investment group this week. Reznick Capital Markets Securities (RCMS) announced this week the sale of ImMODO International Corporation’s (ImMODO) solar portfolio located in Tulare County, CA to an Institutional Investor. Financial details of the sale were not disclosed.
“There is significant demand in the market for the aggregation of quality distributed generation projects. Now that we are well past the uncertainty surrounding the ‘fiscal cliff’ and we can all see the landscape clearly, we expect to see more deals like this in 2013.”
The 22 MW aggregated solar portfolio (the Tulare PV Portfolio) has offtake contracts with Southern California Edison and Pacific Gas & Electric under the respective 20-year Feed-In Tariff (FIT) programs. Construction on the Tulare PV Portfolio, which will span five sites, is expected to start in the second quarter and be completed by the fourth quarter of 2013. ImMODO Energy Services Corporation will also be acting as the Engineering, Procurement & Construction (EPC) company and Operation & Maintenance (O&M) provider on the portfolio.
“The CREST and FIT programs represent an important move in California’s distributed generation market, and this transaction reflects an important shift in the marketplace,” said RCMS Vice President Conor McKenna. “There is significant demand in the market for the aggregation of quality distributed generation projects. Now that we are well past the uncertainty surrounding the ‘fiscal cliff’ and we can all see the landscape clearly, we expect to see more deals like this in 2013.”
