Tenaska Locks in $500 Million Loan for 1st Foray Into Solar

On April 9, 2012, the national legal affairs wire service Law360 reported that U.S. power producer Tenaska secured $500 million in loans from a group of U.S., Japanese and European banks to build its first solar farm. The farm, which is projected to produce 130 megawatts, is located in California’s Imperial County and is one of two utility-scale solar projects the company is building in Southern California. The company, which is best known for its natural-gas fueled plants, is diversifying its electricity production into solar and has signed a 25-year contract to provide power to San Diego Gas & Electric Co. for its new Imperial County Solar Energy Center South. Electricity produced by the project will be delivered through the new 117-mile Sunrise transmission line.