22 MW portfolio to sell energy to Southern California Edison and Pacific Gas & Electric.
April 2, 2013 – New York, NY – Reznick Capital Markets Securities (RCMS) announces 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.
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.”
About Reznick Capital Markets Securities
Reznick Capital Markets Securities (“RCMS”) offers a comprehensive financial advisory platform for the renewable energy industry. RCMS provides solutions for tax equity, equity, debt, asset sales or purchases. RCMS represents financial institutions, infrastructure funds, strategic participants (IPPs and utilities) and more than 60 wind, solar, biomass and other alternative energy developers nationwide. Reznick Capital Markets Securities has led the financing of over 850 MW in solar, wind and biomass projects with a total deal value in excess of $2.3 billion. Moreover, RCMS has placed over $2 billion of assets in tax equity financing and $300 million of asset value in sale placements and asset sales. www.reznickcapitalmarkets.com/
About ImMODO International Corporation
ImMODO International Corporation is the U.S. subsidiary of ImMODO Solar SA, a leading developer of solar projects and one of the ten largest producers of photovoltaic energy in Spain. Since 2005, ImMODO Solar SA has installed 85 MW of solar capacity globally and currently manages 100 MW that include third-party contracts. ImMODO Solar SA currently has a presence in 6 countries with 8 offices and 85 employees, and is focused on expanding operations in India, Chile and the US. www.immodosolar.com/es/en/