The newly-commissioned 155-MW Springbok 2 solar farm in California will be generating power at USD 35.00 (EUR 33.69) to USD 38.00 per MWh over the 30 years of its contract, when the rate is adjusted for inflation.
8minutenergy Renewables LLC, the original developer of the project, says that the solar plant is producing electricity at USD 58.00/MWh under its offtake deal with the Los Angeles Department of Water and Power (LADWP).
The company notes that this is a record low mark for an operational utility-scale solar park in California. It is also the first time a large solar plant has a levelised cost of electricity (LCOE) below fossil fuel prices, 8minutenergy says.
Springbok 2 is located in Kern County, some 70 miles (112.7 km) north of Los Angeles. While 8minutenergy developed the scheme, DE Shaw Renewable Investments LLC (DESRI) was the one to invest most of the equity and arrange financing from a group of lenders and tax equity investors.
(USD 1.0 = EUR 0.963)