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Atlantica Announces The Acquisition Of A 135 MW Renewable Energy Plant In California
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Atlantica Announces the Acquisition of a 135 MW Renewable Energy Plant in California
/EIN News/ March 1, 2021 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced today that it has reached an agreement to acquire Coso Geothermal Power Holdings, LLC (“Coso”), a 135 MW geothermal power plant, from a consortium of investors (the “Consortium”) including Bardin Hill Investment Partners LP, Avenue Capital LP, Corre Partners Management, LLC and Voya Financial.
As the third largest geothermal power plant in the United States, Coso plays a critical role in supporting California’s decarbonization efforts. Atlantica’s investment is expected to be approximately US $170 million
Investment firm acquires Coso geothermal plants in California
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Originally developed in 1987, the 142-megawatt Coso Geothermal facility has been a steady source of renewable power for the Southern California region for more than three decades. The Coso site is considered one of the top three producers of geothermal electrical power in the United States.
CIT arranged the financing on behalf of project sponsor Avenue Capital and its wholly owned asset manager Middle River Power, and other co-owners Bardin Hill, Corre, and Voya investment funds, . The project is supported by three separate power purchase agreements that enable the delivery of Coso s reliable baseload geothermal-generated electricity to customers. Southern California is a strong market for the kind of clean, renewable power generated by the Coso facility, said James Suehr, CFO of Middle River Power. With this financing in place, Coso remains on track to continue delivering renewable electric power to the region for many years to come.